Empower Homebuyers: A New Santa Clara County Program Administered by Housing Trust

The County of Santa Clara has named Housing Trust Silicon Valley as the administrator of the County’s first-time homebuyer down payment assistance program. Funded through the 2016 Measure A Affordable Housing Bond, it is anticipated the program will assist approximately 250 households with incomes that do not exceed 120% of the Area Median Income (AMI) over the first five years.

Maximum Annual Gross Household Income by Household Size (2018)

No. of Household Members 1 2 3 4 5 6
Income Limit * $105,200 $120,200 $135,250 $150,250 $162,250 $174,300

*The Maximum Annual Gross Household Income Limits are established annually by California Department of Housing and Community Development (HCD). Figures represent 120% of Area Median Income (AMI) as of April 26, 2018.

Housing Trust, with more than 18 years of community lending experience, will administer deferred down payment loans to qualified borrowers for up to 17% of a home’s purchase price. Similar to Housing Trust’s HELP program, the County’s down payment loan program does not require monthly principal or interest payments. Upon sale of the property, borrowers will repay the principal loan amount plus a share of appreciation based on the percentage of the amount borrowed.

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The Empower Homebuyers program is expected to launch in the Fall of 2018. If you are a prospective first-time homebuyer and would like to learn more about this deferred down payment loan program or would like to receive additional updates, please complete the form below.