SAN DIEGO — The San Diego Housing Commission launched a first-time homebuyer pilot program Thursday for new Black, Indigenous and People of Color, or BIPOC, homebuyers.
The program would benefit BIPOC buyers who earn between 80% to 150% of San Diego's Area median income. That is currently $110,250 to $175,200 per year for a family of four.
If eligible, BIPOC homebuyers can qualify for $20,000 dollars in grant money for closing costs, meaning buyers would not need to pay that off.
Eligible homebuyers can also get an additional $20,000 in a deferred down-payment loan. Buyers would not need to make any monthly payments on the loan for seven years.
To be eligible, BIPOC buyers must not have owned a home in the past three years. The home must be located in the City of San Diego and the purchase price cannot exceed $1,250,000 dollars.
Eligible properties include single-family detached homes, condominiums, townhomes, and manufactured homes.
People who qualify must fill out a Self-certification Race and Ethnicity Form for the program
This program is partially funded through a Wells Fargo Foundation Wealth Opportunities Realized Through Homeownership (WORTH) grant and a National Fair Housing Alliance grant.
Nationally, WORTH aims to help create 40,000 new homeowners of color by the end of 2025, including 5,000 new homeowners of color in the San Diego region.
WATCH RELATED: First time homebuyers gets help from the San Diego Housing Commission (Nov 22, 2022)