The Los Angeles Housing and Community Investment Department Thursday announced it received a $300,000 grant from CIT Bank for the fifth consecutive year to help 20 low-income families buy a home in L.A.
HCIDLA’s first-time homebuyer assistance program, which has existed for more than 25 years, provides eligible first-time, low- and moderate-income homebuyers with assistance through a deferred-payment “soft second” loan that can be used for the down payment, acquisition and closing costs. CIT first provided HCIDLA with a $400,000 grant in 2017, which allowed the department to help 28 families purchase single-family homes and condominiums. Overall, CIT has provided the city with a total of $1.6 million that has assisted 98 families buy homes.
“Through the (Low Income Purchase Assistance) Program, I was able to purchase a condo and become a homeowner in Los Angeles. I had doubts about being able to become a homeowner within Los Angeles due to the high cost, but this program made it possible,” said homebuyer, Terry Beasley Jr., who purchased a condominium in the San Fernando Valley.
“I am extremely happy in my new home and would recommend this program to anyone wanting to become a first-time homebuyer but may have doubts about being able to qualify … The homeownership dream is possible!”
Funding for the program primarily comes through federal grants, HCIDLA said. The department typically assists less than 100 low-income households purchase a home each year. The CIT Bank grant will allow the department to assist an additional 20 families.
People can learn more about the program at hcidla.lacity.org/housing/housing-programs.