The $2 million Housing Affordability Fund, a nonprofit established by CAR, aims to assist individuals facing difficulties in purchasing a home in the state.
The California Association of Realtors (CAR) has initiated a grant program offering a one-off payment to first-time homebuyers
Recognizing the widening homeownership gaps, particularly affecting marginalized communities, CAR highlights the lack of generational wealth as a contributing factor. The $10,000 one-off payment is directed at Californians struggling with closing costs for their initial home purchases, with eligibility limited to first-time homebuyers who are people of color, disabled, or members of the LGBTQ+ community.
To qualify for the one-off payment, applicants must not exceed 120% of the area median income, as determined by the California Department of Housing Community Development
However, the one-off payment grant only applies to single-family residences and condos, excluding the 45% of the state’s population living in apartments. This targeted one-off payment program is part of broader efforts to address housing market challenges nationwide. With millions of housing units needed in the U.S., Vermont has recently introduced a one-off payment grant program incentivizing the construction of accessory dwelling units (ADUs).
These small housing units can be built on existing properties, offering an affordable housing solution. As housing shortages persist, some Americans are embracing alternative living arrangements, such as tiny homes, as demonstrated by a Texas family converting a shed into a 290-square-foot home for $16,000.