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The Gateway Cities Community
Development Corporation Homebuying Assistance Program is
for “Qualified Buyers” in the Gateway Cities Region.
The program is currently available to current or future
employees of the “Long Beach Educators and
Healthcare Workforce Consortium”. The program
will be available in the future to other qualified
residents of the region.
The Long Beach Educators and Healthcare Workforce
Consortium is comprised of California State University
Long Beach, Long Beach City College and Memorial Medical
Center/Miller’s Children’s Hospital.
The Gateway Cities CDC will carry out is mission by
acting as a home buying Co-op by purchasing multiple
homes and passing the savings on to the Consortium’s
employees.
Housing will be provided primarily in Long Beach and
adjacent cities
The program will commence operation in June 2007.
Financing: The Gateway Cities Community
Development Corporation is partnering with Well Fargo
Bank to make it easier for Housing Consortium employees
to purchase a new home. While Wells Fargo is a partner
in this endeavor, homebuyers may select another mortgage
company if desired.
Eligibility: To be eligible for the program the
purchaser, or one of the purchasers, must be an employee
of one of the members of the Long Beach Educators and
Workforce Housing Consortium members, such as California
State University Long Beach, Long Beach Community
College or Memorial Medical Center/Millers Children’s
Hospital.
Restrictions: The Homebuying Program may be used
solely to purchase the homebuyers only residence and
cannot be used to purchase a second home. The
homebuyer/s must live in the residence and cannot lease
or rent it.
How will this program make my new home affordable?
The gateway Cities CDC Homebuying Assistance Program
will assist “Qualified Homebuyers” with very low
interest and forgivable second or third trust deed loans
to enable them to finance their homes.
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