FTHB Funds are distributed on a first come first served basis. There is a limited amount of funding provided for the Program. Funds may run out without notice.
To participate in the FTHB program, borrowers must take the following steps:
The FTHB is a down payment assistance loan program that assists qualified very-low to moderate income first time homebuyer households to purchase their first home in the City of Concord. Up to $40,000 in funds could be provided through the FTHB to assist with down payment and closing costs.
A home purchased under the FTHB program must be, and remain, the borrower’s principal place of residence. The property cannot be leased or rented during the term of the City loan.
Homebuyers may purchase an existing single-family detached home, condominium, or townhouse located anywhere within Concord City Limits.
Eligible FTHB participants must meet the following program eligibility requirements:
LOAN TERM – The loan is a zero-interest 15-year loan. Loan payments are deferred for the entire term of the loan. The loan is due and payable at the occurrence of any f he following events:
SHARED APPRECIATION – Repayment of the loan requires paying back the principal amount borrowed plus a shared appreciation amount based on the increased value of the home at the time the loan is due. For example, if the original purchase price of the home is $400,000 and the City loan is $20,000, the City’s “share” of the appreciation is 5%. At the time of repayment, 5% of the appreciation will need to be paid to the City. When the City loan is paid off the shared appreciation obligation ceases. Value of the property, for shared appreciation purposes, will be finalized by the sales price of the property and/or an appraisal conducted by a licensed appraiser.
The following table represents maximum FTHB income and subsidy allowances. Gross combined household income is reviewed and established by the City and/or its administrator for every household. Gross combined household income includes for all household non-dependent income earners in the households. Dependents in the household must be identified in the latest filed Federal tax returns.
Maximum subsidies range from $20,000 to $40,000 and are established by the level of the household’s area median income, as depicted in the table below. Subsidies provided could be less than the maximum amount depicted based on the City’s assessment of the household financial requirements and needs.
The City of Concord’s FTHB Program is administered through the City’s contracted Program Administrator, the Bay Area Affordable Homeownership Alliance (BAAHA). The program administrator may be reached by email at email@example.com or at (800) 480-9020.
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