Program Guidelines
 

Program Guidelines

San Diego Foundation Access Granted Homebuyer Program (the “Program”) is an affirmative, asset-building initiative that provides down payment and/or closing cost assistance for eligible underserved first-time homebuyers. LISC is providing grants, seeded by $1,000,000 from San Diego Foundation, to advance homeownership and wealth building opportunities for underserved individuals and families with low-to-medium incomes. The guidelines below pertain to these grants, which will be provided in conjunction with mortgage financing and additional down payment assistance grants provided by Participating Lenders.

General Terms and Eligbility

Grant Amount

$40,000

Terms

This is a Grant funded by San Diego Foundation via LISC San Diego, a local office of Local Initiatives Support Corporation (“LISC”). There is no repayment requirement.  The Grant is not taxable for federal income tax purposes. Grants are limited to one per qualifying household. 

Purpose

To be used toward down payment and/or closing costs on qualifying home purchase transactions to eligible participants. Participating Lenders will determine the extent to which Grant funds may be used to satisfy the minimum equity investment/down payment requirement of such Participating Lender’s mortgage loan program.  

Eligible Location(s)

Homes in San Diego County only

General Eligibility

Applicants/Grantee(s) must be: 

  • From an underserved community
  • A current resident of San Diego County 
  • A First-Time Homebuyer 
  • Part of a household earning less than 120% of San Diego Area Median Income 

Qualifying Transaction(s)

Purchase of primary residences only 

Grant Delivery

LISC shall wire funds to transaction escrow 

*Program Guidelines are subject to change


Definitions

Area Median Income (AMI) Area Median Income is the midpoint of a region’s income distribution – half of families in a region earn more than the median and half earn less than the median. These figures are updated every 12-18 months by HUD The AGHP targets those with incomes at or below 120% of the San Diego County median income; 80% AMI is another common threshold income level for down payment assistance programs, including those administered by Participating Lenders. Mortgage Counselors and SDUL Housing Counselors are prepared to advise interested buyers on the implications of their respective income level.

Participating Lender Any mortgage providing institution that:

  • Has the ability to provide Grantees with additional down payment grant assistance equal to at least $9,000, provided the Grantee meets the independent criteria of the participating lender’s down payment assistance grant, and
  • Intends to provide the mortgage loan for Grantee to complete the purchase transaction, and
  • Executes a Participating Lender Memorandum of Understanding

First-Time Homebuyer Defined as at least one of the below per the Federal Home Loan Bank of San Francisco, effective December 6, 2019:

  • The potential homebuyer or spouse has had no ownership in a principal residence for a three-year period ending on the purchase date of the property. If either qualifies under one of these requirements, both are considered First-Time Homebuyers.
  • The potential homebuyer is a single parent who has only owned a home with a former spouse while they were married.
  • The potential homebuyer is a displaced homemaker who has only owned a home with a spouse.
  • The potential homebuyer is an individual who has only owned a principal residence not permanently affixed to a permanent foundation, according to applicable regulations.
  • The potential homebuyer is an individual who has only owned a property that was not in compliance with state or local building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

Primary/Principal Residence The primary location that an Applicant will inhabit; which may be a single-family house, condominium, townhome, or cooperative housing unit.

This program was founded and seed funded by San Diego Foundation. San Diego Foundation inspires enduring philanthropy and enables community solutions to improve the quality of life in our region by advancing racial and social justice, fostering equity of opportunity, building resilient communities, and delivering world-class philanthropy to realize a vision of just, equitable and resilient communities.