Printer Friendly

$1,000,000 AWARDED TO IMPLEMENT FIRST-TIME HOMEBUYER'S PROGRAM IN THE CITY OF IRVINE

 IRVINE, Calif., Aug. 5 /PRNewswire/ -- Lila Lieberthal, executive director of the Jamboree Housing Corp. (JHC), announced today that The Orange County Community Housing Corp., in conjunction with JHC, has been awarded $1,000,000 in federal funds to implement a First-Time Homebuyer's Program in the City of Irvine.
 Lieberthal anticipates that the program will assist 25 to 30 families earning less than 72 percent of the Median Income (currently $39,700 for a family of four) to purchase their first home in Irvine. The maximum purchase price may not exceed $151,725 at this time; however, it is possible that the maximum purchase price may be increased to $175,000 in the near future. Buyers must provide a minimum down- payment of 5 percent of the purchase price (2 percent of the 5 percent may come from a gift from a family member).
 Down-payment loans of up to $50,000 in the form of a deferred-down payment second mortgage will be provided to eligible families who otherwise could not qualify for home ownership. The amount of the second mortgage will be conditioned by the buyers' income and assets. This second mortgage will accrue at the rate of 7 percent per annum, simple interest, have no monthly payments and will not have to be repaid until the buyer's home is sold, transferred, refinanced or rented out.
 "This is a unique opportunity for lower-income families who have been locked out of a high cost housing market," said Lieberthal. "The program's deferred down-payment loans will enable families to take advantage of the lowest housing prices and interest rates in years. The families this program will serve would simply not be able to purchase without this assistance. It will give them a `stake in the community' that has been impossible to secure, up until now."
 In order to ensure maximum participation and fairness, a lottery process will be utilized to select and rank applicants to participate in this program. The lottery will be held on or before Sept. 30, 1993. First priority in the lottery will be given to families of three persons or more, have at least one minor child younger than 18 years of age, who currently work or live in the City of Irvine. Any low-income household that has not owned a home within the past three years can enter the lottery. A low-income "displaced homemaker" or "single parent" having owned a home within the past three years may also qualify.
 Anyone interested in this program may pick up an application and program information at the reception desk of the Community Development Department of the City of Irvine, One Civic Center Plaza, Irvine, CA, or at the information table adjacent to the Irvine Chamber of Commerce, 17200 Jamboree Road, Irvine, CA. Applications must be completed and returned to Jamboree Housing Corp., 17200 Jamboree Road, Suite "O," Irvine, CA, no later than Sept. 24, 1993, at 5 p.m. Applications received after that date will be disqualified.
 -0- 8/5/93
 /CONTACT: Lila Lieberthal, executive director of the Jamboree Housing Corp., 714-263-8676/


CO: Jamboree Housing Corp. ST: California IN: SU:

MF-EH -- LA015 -- 9774 08/05/93 10:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1993
Words:527
Previous Article:NISSAN MANAGING DIRECTOR KENICHI SASAKI PREDICTS MOVEMENT TOWARD 'APPROPRIATE' TECHNOLOGY IN 21ST CENTURY
Next Article:PAR-A-DICE RIVERBOAT CASINO ANNOUNCES PLANS TO BUILD LARGER BOAT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters