Long Beach, CA (March 31, 2023)—FORWARD, the leading integrated program administration solution for local governments, is assisting the City of Long Beach to distribute $20,000 in down payment and closing cost assistance to approximately 100 eligible households in the City of Long Beach. This critical funding will provide expense relief to families traditionally underrepresented in homeownership.
“Down payment assistance helped me to become a first-time homebuyer in Long Beach more than a decade ago. It provided me the economic and housing stability to put down roots and raise a family,” said Mayor Rex Richardson. “However, families today are facing more barriers than ever in achieving the dream of homeownership. Now is the time to restore this important program and give Long Beach families an opportunity to buy their first home in our great city.”
This program will offset the financial impact of down payments and non-recurring closing costs, such as loan, title, and escrow fees as well as loan points or fees to buy down mortgage interest rates. Eligible households with an income of less than 150% of the Los Angeles County Area Median Income (AMI) living within the Community Development Block Grant (CDBG) qualified area in Long Beach are encouraged to apply for the program. For example, a family of four must have a household income less than $136,650 to qualify.
The Long Beach Development Services Department selected FORWARD as a partner to increase program integrity and prevent fraud through the deployment of a secure online application portal and application review process that uses taxpayer dollars efficiently. Applicants and qualifying households can expect:
- To apply online through the online application portal
- Access to application support available in English, Spanish, Khmer and Tagalog, as well as other languages by request via phone, text and email
- To present proof of residency
- To be deemed eligible to receive the financial support, residents must be pre-approved by a lender for a 30-year fixed mortgage loan prior to applying for the program, and be a first-time homebuyer, a first-generation homebuyer, or someone who has lived in foster care
This program is part of the Long Beach Recovery Act, a plan to fund economic and public health initiatives for Long Beach residents, workers and businesses critically impacted by the COVID-19 pandemic.
“Buying a home is a significant purchase and a dream for many residents, so in partnership with the City of Long Beach, our goal is to distribute funds quickly and equitably to the families that need it most,” said Adnan Mahmud, CEO of FORWARD. “As the vendor for this program, FORWARD will increase efficiency of the program application and review process so families can focus on making their dreams of home ownership a reality.”
Applications for the Long Beach First Time Homebuyer Assistance Program opened on March 15, 2023. To learn more about the necessary qualifications and to apply visit: longbeach.gov/lbhomegrant