Council Sends First-Time Buyer Funding to Nonprofit Grants Program

0

As the white-hot housing market wreaks havoc on those looking to buy a home, Turlock City Council voted unanimously on Tuesday to transition funds originally intended for first-time buyers. and more opportunities for local nonprofits.

Council voted to modify its annual action plan for the 2021-2022 fiscal year for the Community Development Block Grants program, reallocating $ 100,000 of funding from the First-Time Home Buyers program to the First-Time Home Buyers program. subsidies for public services. The fund transfer nearly doubles the amount of grants made available to nonprofits through a competitive application process for a total of $ 220,000.

In the past, the Utilities Grants Program has supported activities such as services for teenage mothers, free food for low-income residents, homeless services in cold weather shelters, and services. of gang prevention in local elementary and secondary schools. The Town of Turlock is a court of law in CDBG funded by the US Department of Housing and Urban Development and all CDBG funds are to benefit low to moderate income individuals in Turlock.

The reallocation of funds will effectively leave the first-time homebuyer’s program with a balance of $ 0, said housing program supervisor Maria Ramos. Due to the current real estate market and sky-high prices, families and first-time home buyers are still unable to find homes they can afford, making the unnecessary program.

Last year, only one family was able to use a loan from the program.

“So what’s happening is that even though we put this money aside, we didn’t use it,” Ramos said.

Income limits for the program that are set by the HUD do not mesh well with house prices right now, Ramos added. The current median price of a home in Turlock is $ 450,000.

“It’s a shame that we don’t have a way to help people sign up for this hospitality program for the first time. This whole council, I think we need to come together and come up with a comprehensive plan to address the affordability issue we have with housing, ”said City Councilor Andrew Nosrati. “… We have a very rich influx of new money that continues to wreak havoc in our local community, so it’s absolutely critical that we find a way not to let it continue down that road.” “

The additional funding is expected to be available no later than November 1, 2021 and must be spent by June 30, 2022. These grants are to be for new programs, and additional points will be awarded to agencies offering programs to the elderly or to children. . For more information on the City’s Utility Grants Program, visit https://www.cityofturlock.org/housingprograms/publicservicegrants/.


Source link

Share.

Leave A Reply