FOR IMMEDIATE RELEASE:
CONTACT:
Yvette Litten
City of Wasco
Phone: (661) 758-7224
Fax: (661) 758-7239
City of Wasco Receives Grants Totaling $4.4 Million for Homebuyer Assistance
Wasco, CA, February 7, 2008 – The City of Wasco recently received $4,400,000 in grant awards from the California Department of Housing and Community Services (HCD) for mortgage assistance to first-time homebuyers. The funds come from HCD’s Home Investment Partnerships Program (HOME) and Building Equity and Growth in Neighborhoods Program (BEGIN).
The City of Wasco is excited to add affordable homeownership opportunities to its Community Development services. Up to 128 first-time homebuyers are expected to benefit from the City’s HOME and BEGIN Programs.
The HOME Program helps low-income, working households with the purchase of an existing home and educates buyers on purchasing and maintaining the home. The City of Wasco will use the HOME award to make fixed-rate, deferred payment loans to purchase and rehabilitate homes in Wasco. Qualified buyers will meet the income guidelines and will occupy the home as their primary residence. The HOME Program is funded by Title II of the Cranston-Gonzalez National Affordable Housing Act of 1990.
The BEGIN Program creates housing for low-income and moderate-income first-time homebuyers by fostering partnerships between cities and developers of newly constructed homes. The City of Wasco worked with Moreland Corporation and ReMax New Generation Real Estate Group to create 120 affordable homes in the Roses of Barcelona development. The development, located in Wasco at Poso Drive and Central Avenue, offers a variety of three- to four-bedroom floor plans for BEGIN Program participants. Like the HOME Program, qualified buyers will meet the income guidelines and will occupy the home as their primary residence. The BEGIN Program is funded by Proposition 1C, the housing bond approved by California voters in 2006.
Interested individuals are encouraged to contact Yvette Litten, Housing and Redevelopment Coordinator, or Delia Felix, Housing and Community Programs Technician II, at the City of Wasco, 764 E Street, Wasco, CA 93280, phone number (661)758-7224. They can provide you with more information and assist you with the application process.
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