The Los Angeles Housing + Community Investment Department (HCIDLA) announced today that for the fifth consecutive year, CIT Bank has awarded grant funds to HCIDLA to help low-income Angelenos achieve the American Dream of owning their first home.
This year, CIT Bank awarded HCIDLA a $300,000 Community Development Grant to assist 20 low-income families purchase their first home in the City of Los Angeles. Cumulative, since 2017, CIT has awarded HCIDLA $1.9 million for the City’s First-Time Homebuyers program.
For over 25 years, HCIDLA has operated first-time homebuyer assistance programs, providing eligible first-time, low- and moderate-income homebuyers with purchase assistance in the form of a deferred-payment “soft second” loan to be used toward down payment, acquisition and closing costs.
“We are grateful to CIT for their continued support of this program, and welcome once again this new grant,” stated HCIDLA General Manager, Ann Sewill. Ms. Sewill also added, “these funds will help low income Angelenos purchase a first home.”
The initial grant from CIT Bank in 2017 provided $400,000, which enabled HCIDLA to assist 28 hard-working families purchase single family homes and condominiums throughout the City. Combined with three subsequent grants for a total award of $1.6 million from CIT Bank, HCIDLA assisted 98 families achieve the dream of homeownership thus far via the Low Income Purchase Assistance (LIPA) Homeownership Program. For this same purpose, CIT is renewing this grant for another year to support low- income seekers of the American Dream in the City of Los Angeles.
“Through the LIPA Program I was able to purchase a condo and become a homeowner in Los Angeles. I had doubts about being able to become a homeowner within Los Angeles due to the high cost, but this program made it possible,” said homebuyer, Mr. Terry Beasley Jr., who purchased a condominium in the San Fernando Valley region. He also added, “I am extremely happy in my new home and would recommend this program to anyone wanting to become a first-time homebuyer but may have doubts about being able to qualify… The homeownership dream is possible!”
With low inventory of affordable homes and rising home prices, the path to homeownership has become increasingly difficult, especially for low- and moderate- income, first-time homebuyers. HCIDLA’s resources for first-time homebuyers are primarily federal grants. With these limited resources, HCIDLA can typically assist fewer than 100 home buying low-income households a year and thus continuously seeks other grant sources. The renewed grant from CIT will be leveraged with the LIPA program funds to assist an additional 20 low-income families purchase homes.
The program supports the City’s goal to stabilize neighborhoods and remedy socio-economic inequities by providing access to low-income homebuyers to build wealth through owning their own homes and to secure permanent housing in the City of Los Angeles. To learn more about the City’s First-Time Homebuyer Programs, please visit: hcidla.lacity.org/housing/housing-programs