County opens application period for first-time homebuyers assistance program

The Alameda County Board of Supervisors recently opened the final application period for the AC Boost Down Payment Assistance Loan Program, which helps low- to moderate income households afford to buy a home in the county.

According to a March 27 press release from Hello Housing — a nonprofit organization that focuses on equitable housing solutions for underserved communities — the program will offer loans up to $210,000 per household.

“With over $39.9 million disbursed and 233 households now homeowners, AC Boost has shown our commitment to accessible homeownership,” Nate Miley, president of the Alameda County Board of Supervisors, said in the press release. “As we launch this final round, we’re not just continuing a program; we’re nurturing a vision of inclusive homeownership in Alameda County, especially with the significant $14.9 million impact in District 4.”

The final application window will close on May 15.

The program, which is managed by Hello Housing, is administered by the Alameda County Housing and Community Development and is funded through the $580 million Measure A1 bond that Alameda County voters approved in 2016.

According to the press release, the program intends to break down the various barriers that come with affordable home ownership for low- to moderate-income households.

“With policy adjustments like increased debt-to-income limits, AC Boost is breaking down long standing barriers experienced by underrepresented homebuyers, advancing equitable homeownership in Alameda County,” Hello Housing President Jennifer Duffy stated in the press release.

According to a Nov. 4, 2022 blog post from the U.S. Office of Economic Policy, the homeownership rate for white households in the second quarter of that year was 75% compared to 45% for Black households, 48% for Hispanic households and 57% for households of any other race. 

It stated that the Black and white gap in homeownership in 2020 has been the same since 1970, which shows how the benefits of homeownership have not been shared equally.

That’s why the AC Boost program aims to create a foundation for financial stability and increase access to economic opportunities for future generations.

“I had always dreamed of owning my own home but thought it was unattainable due to being a low-income public assistance recipient,” Ronni Tate, a participant in the AC Boost program, stated in the press release. “I feel extremely honored to be a part of the AC Boost program, which made homeownership affordable for me.”

Eligible buyers must currently live or work in the county or must have been displaced from a home in the county in the last 10 years, according to the press release. First responders, educators and licensed childcare providers will have a preference.

The $210,000 loan limit will be available for households that earn less than 100% of the area median income and a $160,000 loan limit will be available for households that earn between 100% and 120% of the area median income.

Loans will be shared appreciation loans that come with no interest and no monthly payments, according to the press release. Eligible home buyers must be qualified for a first mortgage from a participating lender and must not have owned a principal residence in the last three years.

Those interested are encouraged to submit a pre-application at the AC Boost website by May 15 to enter a lottery system. After the lottery, applicants will have to attend a program workshop before they can submit a full application. Once they are reviewed for eligibility and approved, they can then begin looking for a home.