Downtown First-Time Homebuyer Program

CCDC has committed all the program funds at this moment. CCDC will revisit the Program and may allocate additional funds in the future.

CCDC created the Downtown First-Time Homebuyer Program to help people realize the dream of homeownership. The Program provides financing, in the form of a second trust deed loan, to enable moderate-income, first-time homebuyers to purchase their primary residence in downtown. Qualified buyers can obtain a maximum $75,000, 30-year, zero-interest loan, with no payments for the first five years. The Program is intended for the purchase of downtown homes with prices up to the mid-$200,000s. Recently, Western Pacific Housing's Union Square condominium project and Citymark Development's Doma Lofts and Towns development welcomed new owners that utilized this unique program.

Eligibility:

• Household income at or below 120 percent of area median:
  
  

  Family Size	Maximum Household Income
  1 Person	$58,300
  2 Persons	$66,600
  3 Persons	$75,000
  4 Persons	$83,300
  5 Persons	$90,000

  
  
• First-time homebuyer; no primary residence owned in the last three years;
• Applicants do not own any other real estate; and
• Homebuyer provides minimum 3 percent downpayment plus closing costs.

Terms:

• 30-year, zero interest second trust deed loan up to $75,000;
• No payments for the first five years;
• Level, monthly principal payments start in year six;
• Property must be owner occupied;
• Upon sale, loan balance is paid and Agency shares in appreciation;
• Share of appreciation is percentage of CCDC loan to purchase price; and
• Share of appreciation is reduced 50% after 30 years, expires after 45 years.

Qualifying Units:

• Downtown property with a purchase price within the following range:
  
  

An Example:

A homebuyer with a household of three earns $65,000 annually.

With CCDC assistance:

First trust deed household qualifies for	$167,500
Minimum 3% down payment:	$7,500
Maximum CCDC loan:	$75,000
Home purchase price	$250,000

To Apply:

1. Identify homes in the eligible price range. Contact a realtor or condominium sales offices to inquire about new or resale properties in the mid-$200,000s. In today's challenging housing market, availability in this price range may be limited. CCDC publishes an online Affordable Housing Directory to help in this search (see below).

2. Contact any mortgage lender, bank or credit union to apply for a home loan. Ask the loan officer to contact Vicki Monce of the San Diego Housing Commission at (619) 578-7491 or vickim@sdhc.org to process your request for a second trust deed loan through the Downtown First-Time Homebuyer Program.

For More Information:

Program Guidelines
(619) 578-7302 or CCDC Program Guidelines [PDF]

Program Funding
Eri Kameyama at CCDC at (619) 533-7177 or kameyama@ccdc.com

Affordable Housing Directory
(619) 235-2222 or Affordable Housing Directory

Downtown Living Guide
(619) 235-2222 or CCDC's Living Guide

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