The BEGIN Program (Building Equity and Growth in Neighborhoods) is provided by the California Department of Housing and Community Development (HCD). Through the passage of Proposition 1C (Prop 1C), the Housing and Emergency Shelter Trust Fund Act of 2006, provides approximately $40 million for funding to local public agencies for low- and moderate-income first-time homebuyer down payment assistance. The purpose of the program is to reduce local regulatory barriers to affordable ownership housing. To receive the grant, cities and counties must apply for it. Part of the application process is based on a point system, which determines whether there is a plan of action for dispersing the funds. Everything from selecting a design company or builder, to securing financing and providing final maps, is weighted accordingly. In the Central Valley, the cities of Merced, Fresno and Ceres have all been awarded the grant and have chosen Envision Homes as the qualified builder. Each individual city is responsible for the dispersment of the funds to qualified buyers.
The assistance to the homebuyer is in the form of a $30,000 deferred payment loan with a 30 year term and 3% deferred simple interest. In order to be eligible the aplicant may not have owned a home for at least the last three years, they must occupy the home as their priciple residence, and their family income must not exceed 120% of the area median. To learn more about the homes available through this program please contact us today.