Independent evaluation of 25 years of programs shows high long-term homeownership retention and lasting financial stability for first-time homebuyers
Programs help low- and moderate-income households secure homeownership in one of nation’s most expensive housing markets
San Jose, CA – Today, Housing Trust Silicon Valley released an independent evaluation of its first-time homebuyer programs, which estimated the initiatives generated $386 million in household wealth for more than 2,000 first-time homebuyers. The findings highlight that the programs have generated hundreds of millions in household wealth while ensuring families achieve long-term housing stability in one of the nation’s most expensive housing markets.
The report, titled Power of Home: Outcomes & Insights from 25 Years of Homebuyer Assistance, conducted by Learning for Action, examines outcomes from more than 2,295 first-time homebuyers supported by Housing Trust between 2000 and 2025. The report highlights how down payment assistance, closing cost support, and homebuyer education can expand access to homeownership while helping households build lasting financial security.
“Homeownership is one of the most powerful tools for long-term financial stability and opportunity, but for many families in the Bay Area, it remains out of reach without meaningful support,” said Noni Ramos, CEO of Housing Trust Silicon Valley. “This evaluation confirms what we’ve seen firsthand for 25 years: when families are given the right tools at the right time, the impact extends far beyond a single transaction. It strengthens households, communities, and the region as a whole.”
Key findings from the report include:
- $386 million in estimated wealth created across participating households, with an average of $169,000 in wealth generated per household
- 76% of respondents said they could not have purchased a home at all without Housing Trust’s assistance
- 74% reported significant improvements in their credit scores, expanding access to future financial opportunities
- 78% experienced an increase in overall well-being, alongside reduced housing-related and financial stress
The evaluation also highlights broader community impacts. Many participants reported greater ability to pursue education and career advancement, support family members, and remain rooted in the Bay Area—outcomes that are increasingly important as affordability pressures continue to challenge families across the region.
Unlike traditional public programs that fluctuate with funding cycles, Housing Trust’s model blends public and private capital to deliver consistent and flexible financing solutions over time. The report notes that this sustained approach has allowed Housing Trust to adapt its programs as housing prices and market conditions have changed—evolving from modest closing cost assistance in the early 2000s to larger down payment support in recent years.
Over time, Housing Trust has offered eight different first-time homebuyer programs, including:
- Down Payment Assistance Loans: Providing critical gap financing so buyers can compete in a competitive market.
- Closing Cost Assistance: Helping buyers cover upfront costs that often derail transactions.
- Homebuyer Education & Counseling: Equipping buyers with knowledge and confidence to navigate a complex process.
“This report provides clear, data-backed evidence that targeted first-time homebuyer programs are not just an affordability tool, they are a wealth-building strategy,” said Laura Bekes, Senior Consultant at Learning for Action. “The outcomes show how early access to homeownership can reshape long-term financial trajectories.”
The evaluation builds on Housing Trust’s recent 25-year milestone and the October launch of its $200 million Building Impact Initiative, which is designed to accelerate affordable housing production across the Bay Area.
To read the full evaluation, visit housingtrustsv.org.
About Housing Trust Silicon Valley
Housing Trust Silicon Valley is a regional Bay Area CDFI (Community Development Financial Institution) advancing affordable housing solutions through innovative finance and public-private partnerships. Since 2000, Housing Trust has invested over $690 million, creating more than 28,700 housing opportunities and helping 53,800 neighbors find homes they can afford, while leveraging $9 billion with its partners. For more information, visit housingtrustsv.org.