WISH Down Payment Assistance Subsidy
Households applying for the University Avenue Below Market Rate (BMR) program may qualify for additional purchase assistance through the Federal Home Loan Bank's WISH subsidy.
WISH Subsidy | East Palo Alto EPCANDO BMR
WISH provides a subsidy grant/loan of up to $32,100 in the form of a grant/loan that is entirely forgiven after five years. WISH provides zero-interest and payment loan that converts to a grant after 5 years. The grant becomes immediately due and payable if the borrower fails to maintain continuous full-time occupancy and title ownership for the duration of the five-year period.
Most households applying for the University Avenue BMR are likely eligible to secure a WISH subsidy. Funds may be applied to either provide additional down payment or towards closing costs. WISH funds cannot be utilized to satisfy the households 3% minimum down payment requirement.
Grant assistance equals four times the household's down payment, not to exceed $32,100. To receive the full $32,100 grant amount, the household must place $8,025 toward their down payment.
Households must obtain the WISH subsidy directly from their first lender. BAAHA and the City do not underwrite and provide these additional subsidy funds. BAAHA partners with a Program Certified lender that can deliver WISH subsidies to eligible households. Applicants should formally notify BAAHA of their intention to work with a Program Certified first lender at the time they submit their lottery application.