Empower Homebuyers SCC – a 2016 Measure A down payment assistance program created by the County of Santa Clara and administered by Housing Trust Silicon Valley – is now open.
Empower Homebuyers is intended to put the dream of home ownership within reach for low to moderate income people – including nonprofit workers, teachers, healthcare professionals, county employees and others – who are trying to buy a home in Santa Clara County.
An Empower Homebuyers down payment assistance loan is a 30 year deferred loan, plus a percentage of the home’s appreciation that matches what a homebuyer borrows – which means if a homebuyer borrows 17% of a home’s original purchase price the share of appreciation is only 17%. No monthly principal and interest payments are required and share of appreciation is capped for the first ten years of the loan.
Payment is deferred until the loan reaches maturity date, the home is sold, the mortgage is refinanced or the home becomes no longer owner occupied.