The City of Dublin has teamed with the other Tri-Valley cities in the launch of the new Tri-Valley Down Payment Assistance (TVDPA) Program, which can provide a $10,000 down payment loan to creditworthy first time homebuyers.
The Tri-Valley Housing Opportunity Center will administer the program for the Tri-Valley on behalf of the City of Livermore, who received the funding through a recent federal grant award.
The funds will provide low interest, $10,000 down payment loans to creditworthy first time homebuyers with household income equal to or less than 80% of the area's median income. As its highest priority, the program will assist families currently living or working in the Tri-Valley cities to purchase homes in Livermore, Dublin, Danville, Pleasanton, and San Ramon.
The Center is a 501(c)(3) charitable non-profit corporation that offers expert unbiased and personalized information to guide people through the complex process of home-seeking, home-buying, or saving the home they already own. The Center provides services to families regardless of income and city of residence.
Over the last 12 months the TVHOC provided homebuyer education to 94 families who are preparing for homeownership in the Tri-Valley. “Providing low cost second mortgages for use as a down payment is a very effective tool in bridging the large financial gap between what a family can afford and the cost of a home in the Tri-Valley. The Down Payment Assistance Program can make the difference for families who want to live and work in the same community” said Milly Seibel, Executive Director of the TVHOC.
Certified as a housing counseling agency by the U.S. Department of Housing and Urban Development (HUD), the TVHOC is headquartered in Livermore and serves the Tri-Valley and the surrounding cities. Potential applicants can find detailed information about the program on the Center's website at www.tvhoc.org.