Unfortunately, on December 29th, 2011, the State of California with a ruling by the Supreme Court, moved forward to eliminate all Redevelopment Agencies in the state of California. Due to this decision, the City will no longer be able to fund housing grants and loans for Westminster residents. The City will cease the processing of all grant and loan applications. We apologize for any inconveniences this may have caused and appreciate your understanding.
We will continue to keep you updated and will contact you if any legislative changes occur. If you are interested in contacting the state lawmakers to voice your concerns and continuation of affordable housing rehabilitation programs, the contact information has been listed below:
The First Time Homebuyer Program provides silent second deferred trust deed mortgages to fund the difference between market sales prices up to a maximum sales price and a mortgage amount which will provide housing costs that are affordable to low- and moderate- income households, in the purchase of a residence. The loan program has been developed to provide “gap” funding; it funds the difference between the maximum first loan a first time homebuyer can obtain and the purchase price, less a down payment of a minimum of three percent of the purchase price. The essential purpose of the program is to make it possible for First-time Homebuyers to get into their own home where their own resources are not fully sufficient. Loans of up to $75,000 are available.
In order to receive the funds, buyers will be required to execute protective agreements that the home will remain affordable for 45 years. Affordability covenants will be recorded against the unit when the home purchase loan is recorded. Resale restrictions will be designed to limit the amount of profit that can be retained by the homeowner when a covenanted unit is sold and to provide equity sharing pursuant to California Redevelopment Law. Homeowners, however, who participate in Westminster’s First Time Homebuyer Program and then wish to sell their unit will not be required to sell such units at a defined affordable cost to eligible buyers.
As with the federal Neighborhood Stabilization Program (NSP), applicants will be required to attend an Agency homebuyer seminar to qualify for an Agency loan. If you attended an NSP training seminar already, your attendance qualifies you for Westminster’s First Time Homebuyer Program. Click on the link below for details of the entire program.
No Claasses are currently scheduled due to lack of funding, with the statewide eliminaton of redevelopment.
Keep your Home California, a program sponsored by CalHFA MAC
Keep Your Home California is a $2 billion, federally funded effort to help Calfirnia families struggling to pay their mortgages through four different programs. Each of the programs are designed specfically for low or moderate income homeowners who are either unemployed or are facing another financial hardship, fallen behind on their mortgages and owe significantly more that the value of their homes. For more information, please visit the CalHFA MAC website at www.keepyourhomecalifornia.com
