CALIFORNIA homebuyers could get up to $10,000 if they meet certain criteria.
The $2 million fund for housing affordability is offering cash to first-time homebuyers.
The grant program by the California Association of Realtors, CAR, is designed to help those who are struggling to afford a home in the Golden State.
The Housing Affordability Fund is a nonprofit set up by the Association to help raise and distribute funds to would-be homebuyers.
Home ownership has long been branded as a key to building wealth, and it’s a key that’s disproportionately out of reach for many people of color and members of other marginalized groups.
“These homeownership gaps aren’t new and, for many groups, they’re getting wider,” CAR said.
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“Experts suggest that lack of generational wealth is (can be) to blame, often leaving members of underserved communities with less funds to cover the closing costs and down payment for a home.”
As the program is targeted at marginalized communities, only some Californians will be able to qualify.
Californians who are struggling to come up with the money to pay for closing costs on their first home purchases may be eligible for the $10,000 grant, according to CAR’s website.
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Grantees must also make no more than 120% of the area median income, as determined by the California Department of Housing Community Development.
The grant only applies to single-family residences and condos, leaving out apartment renters, which make up 45% of the state’s population, according to the Los Angeles Times.
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The grant is just one program attempting to solve problems in the housing market nationwide.
With the U.S. in need of millions of housing units, according to CNN.
Accessory dwelling units, or ADUs, can turn single-family homes into housing for multiple families.
The grant will provide up to $50,000 for people building small housing units on their properties, as long as they rent them out for certain affordable rates.
Many Americans have taken to small units to help downsize their rent costs as the shortage of units drives up prices.
The tiny home trend offers a thrifty way to reduce costs.
Their conversion to a 290-square foot home left the couple “totally happy.”
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A bohemian couple recently shared their life in a converted bus.
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