What are the affordable homebuyer programs?

MOHCD currently has 3 homebuyer programs, as well as additional loan programs to help homebuyers. To apply, you must meet the other eligibility requirements and complete homebuyer education. Your housing counselor will help you figure out which program is best for you.

Below market rate (BMR)

Units below market rate. They are also re-sold at below-market-rate prices. Buyers can also apply for downpayment assistance on these units.

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Downpayment Assistance Loan Program (DALP)

Downpayment loan up to $375,000 (as funds are available), to bid on a property on the open market. You can re-sell the unit at market prices.

Apply for 2018 DALP

City Second Loan Program (CSLP)

Downpayment loan up to $375,000 (as funds are available), to bid on a collection of properties also advertised on the open market. You can re-sell the unit at market prices, but the City has the option of selecting a buyer from the City Second Loan Program to match the first bid.

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Features

This table summarizes the major features of the three homebuyer programs. There may be other requirements when you sell the property.

    BMR DALP City Second Loan
Requirements 1st-time homebuyer Yes Yes Yes
Workshop requirement Yes Yes Yes
Counseling requirement Yes Yes Yes
Pre-approved loan requirement Yes Yes Yes
Outcome Loan or housing Housing unit Downpyament loan Downpayment loan
Placement Lottery As units available 1x/year  
1st come 1st serve     Yes
Availability Limited to certain properties Yes   Yes
Open-market pricing & bidding   Yes Yes
Reselling/ Repayment Notify City if reselling Yes Yes Yes
Resell at market rate   Yes Yes
City can select buyer when reselling Yes   Yes
Repay City loans   Yes Yes