- For Immediate Release -
$100,000 grant to Housing Trust will help moderate income buyers with closing cost assistance
Cupertino, Calif. - In one of the toughest markets for first-time homebuyers in years, the Santa Clara County Association of REALTORS® (SCCAOR) and the Silicon Valley Association of REALTORS® (SILVAR) are partnering with the Housing Trust Silicon Valley to provide a $100,000 grant that will help first-time homebuyers with closings costs. With homeownership rates in 2015 at a 30-year low at 50.7 percent in the San Jose Metro Area, this program is meant to help hardworking families establish themselves firmly in the community through the dream of homeownership.
The Santa Clara County Association of REALTORS® and the Silicon Valley Association of REALTORS® saw an unmet need in assisting first-time homebuyers and applied for the $100,000 grant from the California Association of REALTORS® Housing Affordability Fund. The Santa Clara County REALTORS® Foundation and the Silicon Valley REALTORS® Charitable Foundation are contributing the necessary operational funds to implement the grant.
The Housing Trust will grant up to $5,000 per first-time homebuyer household. Buyers looking to qualify will need to meet three key standards before applying. They must use a REALTOR® in the transaction; be considered a "first-time homebuyer" under federal tax rules; and meet the income requirement of earning up to 120 percent of area median income.
"I've seen many young families say they just can't make it work here and we end up losing folks to areas where they can purchase that starter home," said Rick Smith, president of SCCAOR. "This closing cost grant can make the difference for buyers just on the edge of affordability."
"We must address the housing needs of hardworking families who live in our communities," said Denise Welsh, president of SILVAR. "This program will aid first-time homebuyers in their efforts to attain homeownership."
"For first-time homebuyers, closing costs are the last step to purchasing a home. These grants can make their dream of homeownership a reality," said Eileen Giorgi, president of the Silicon Valley REALTORS® Charitable Foundation.
"Local REALTORS®® have been partners with the Housing Trust Silicon Valley since our founding in 2000 and have worked with us to make homeownership a reality for thousands of families in Silicon Valley," said Kevin Zwick, CEO of the Housing Trust. "This is a great new way to collaborate and demonstrates their dedication to working on the issue of affordable homeownership in our community."
For eligibility and program details, visit: http://www.housingtrustsv.org/programs/homebuyer-assistance/haf/
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.