At the June 19th Santa Clara County Board of Supervisors meeting Housing Trust Silicon Valley was named the administrator of the county’s down payment assistance program. This is among SCC’s big Measure A funded items, and the appointment of Housing Trust to run the county’s program was a natural fit.
The funds will assist approximately 230 households with incomes that do not exceed 120% of the Area Median Income over the first five years of the program by providing deferred loans for down payments up to 17% of a home’s purchase price. Like Housing Trust’s HELP program, the County’s down payment loan program does not require monthly principal or interest payments – borrowers will repay the principal loan amount plus a share of appreciation based on the percentage of the amount borrowed. For the Mercury News story on this great announcement click here.
Housing Trust is excited to work with Santa Clara County on their program and help those who need a #AHomeInSCC to find one!