Antioch Launching First Time Homebuyers Program, Up to $50k Down Payment

Antioch, CA:  The City of Antioch is launching a program that can provide up to $50,000 in down payment and closing cost assistance to first time homebuyers who live or work in the City of Antioch.  Antioch’s Home Ownership Program (AHOP) provides eligible homebuyers a substantive leg-up to expand affordability and access to homeownership.

To learn more about AHOP please register to attend the upcoming informational workshop:

Antioch Home Ownership Program (AHOP) Informational Workshop:

• Saturday, January 18, 2020
• 10:00 a.m. to 12:00 p.m.
• Rick Rodríguez Center
• 213 F Street, Antioch CA – Room 220.

Reservations for the AHOP workshop are required and can be made at www.myhomegateway.org/ahop.

You can also get more information on AHOP by emailing BAAHA at [email protected]

AHOP is available to Antioch homebuyers who meet eligibility requirements, including:

• Live or work in the City of Antioch
• Combined household incomes do not exceed 80% of the area’s median income, as adjusted by household size (see table below)

• Have not owned a home in the past three years
• Completed HUD approved homebuyer education requirements
• Have sufficient creditworthiness to obtain a conventional 30-year mortgage

The City of Antioch has contracted with the Bay Area Affordable Homeownership Alliance (BAAHA) to administer AHOP.  BAAHA will be working with the City, non-profit organizations, and with for profit partners to deliver beneficial homebuyers services and resources; including and not limited to:

Down payment and closing cost assistance loans – AHOP will provide financial subsidies in the form of loans that require no monthly payments which are repaid when the home is sold or in 45 years (whichever comes first).

Homebuyer Education – ECHO Housing, a non-profit HUD approved homebuyer education provider, will be delivering informative seminars to educate homebuyers on the home purchase process.

Homebuyer Counseling – BAAHA and AHOP partners will be providing valuable guidance and coaching to help homebuyers a) work through the complexities and challenges of purchasing a home; and b) navigate through the process to secure any and all homebuyer subsidies available.

Additional Homebuyer Subsidies – BAAHA will be coordinating efforts to incorporate and combine additional subsidies with AHOP including and not limited to: the Contra Costa County Mortgage Credit Certificate Program, Federal Home Loan Bank WISH Subsidy Program (up to $22,000), Housing Authority of Contra Costa County Section 8 Ownership Voucher Program.

For additional information on AHOP please visit BAAHA’s website at www.myhomegateway.org/ahop.

Editors Note

When asked about the funding, Walter Zhovreboff, Administrative Director with the Bay Area Affordable Homeownership Alliance, he said the funding is being provided through the City of Antioch directly.

“We are also trying to secure additional funding, if made available from the Federal Home Loan Bank – which could add up to an additional $22,000 to the City’s $50,000.  The $50,000 from the City is a projected maximum amount allowed per a household,” said Zhovreboff. “The program will provide less subsidy, if less is required by the household to successfully purchase their home.  The City and BAAHA would like to help as many households as possible; accordingly, keeping the amount provided to each household commensurate with their financial requirements (as calculated by the City) and not to exceed $50,000.”