Silicon Valley Realtorsare partnering with Housing Trust Silicon Valley to provide a $100,000 grant that will help first-time homebuyers with closings costs. Two local Realtor associations are contributing funds for the Housing Affordability Fund (HAF) First-time Homebuyer Grant. Housing Trust Silicon Valley will be the administrator for the program.
The Silicon Valley Association of Realtors (SILVAR) and the Santa Clara County Association of Realtors (SCCAOR) 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 Silicon Valley Realtors Charitable Foundation and Santa Clara County Realtors Foundation, the charitable arms of the Realtor associations, are both 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. The requirements are they must use a Realtor in the transaction; they must be considered a "first-time homebuyer" under federal tax rules; and they must meet the income requirement of earning up to 120 percent of area median income.
"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.
"We work closely with many non-profits and community groups, and what they are telling us is their workers are moderate income and can't purchase a home. Those serving the needs of the community should have a chance to invest their future here in our area," said Frank Cancilla, chair of the Santa Clara County Realtors Foundation.
Realtors realize Silicon Valley is one of the toughest markets for first-time homebuyers. This program is meant to help hardworking families establish themselves firmly in the community through the dream of homeownership.
"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."
Rick Smith, president of SCCAOR, added, "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. This closing cost grant can make the difference for buyers just on the edge of affordability."
Kevin Zwick, CEO of the Housing Trust, hailed the partnership between the Housing Trust and the local Realtor associations. "Local Realtors have been partners with 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 Zwick. "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/. Funds are limited and available on a first-come, first-served basis. For more information, contact Jeanette Ruiz at jeanette@housingtrustsv.org or (408) 436-3450 ext. 221.
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.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.