The city of Antioch is offering a program to give first-time homebuyers up to $100,000 in assistance to buy a home there. Pete Suratos reports.
Buying a home in the expensive Bay Area real estate market may feel out of reach for potential homebuyers. But now, the city of Antioch is offering a program to give first-time buyers up to $100,000 in assistance.
Concord resident Thai Whitaker isn’t giving up but admits it can be hard looking for a home in one of the most expensive real estate markets in the country.
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WATCH HERE“It’s tough out there, but my income is on the low end, so it’s a little tough for me,” she said.
A recent survey by realtor.com said that a household needs to bring in $263,000 to afford the median home price in cities like San Francisco and Oakland.
Antioch’s new program is giving potential homebuyers like Whitaker some hope. It’s a great way to stimulate ownership versus renting.
Walter Zhovreboff is a director with the Bay Area Affordable Homeownership Alliance. The nonprofit helped Antioch create the program.
While people don’t have to live in Antioch to apply, their household must fall into the low-to-moderate income categories, which depending on the size of your household can range from around $87,000 to just over $200,000.
"Someone that's making a reasonable income can get involved with these programs,” he said.
But in order to apply, potential homeowners must first complete a six-hour homebuyer education course through the Department of Housing and Urban Development. Once the course is completed, they can head to Antioch’s website to begin the application process.
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SIGN UP Whitaker has already completed the course, and she hopes it gives her an upper hand when it comes to getting into the program.
“I have to keep my fingers crossed. It’s first come, first served,” she said.
Antioch is expected to award 12 to 15 potential homebuyers in the coming year.
A virtual informational session for the Antioch homeownership program will take place on May 22. For more information, visit myhomegateway.org.
