That’s why the city offers programs that will help buy a home more affordable.
On Friday, Mayor Jerry Dyer announced a partnership with Bank of America, offering grants to help with down payment and closing costs.
“What people need today is security,” he said. “They want to know in four years that they can afford the payment they make.”
In the Fresno area, buyers below the income and purchase price limits can receive a subsidy of up to 3 percent of the home purchase price of up to $ 10,000.
This money will go to a deposit.
The second grant of $ 7,500 can be used for closing costs.
Currently, there are more than 200 eligible properties on the market in Fresno.
In addition, no refund on these dollars is required. It is an opportunity that the regional president of the bank wants to raise more awareness.
“I live here, my teammates drive here,” says Mark Riley. “We have had and will continue to have an interest in our community and we want to see our community thrive. See those people in our community benefiting from programs like this.”
The ABC30 Data Journalism Team looked at home ownership rates in the Fresno area and found huge disparities.
As of last year, 67 percent of white families have their own homes, compared with 44 percent of Latino families and just 27 percent of black families.
Deputy Mayor Matthew Grundy says the city is focusing on solutions – such as this grant program.
“Our housing strategy focused on two key things,” he said. “First, to share our need especially for Fresno with the residents here and their need for housing throughout. Then invite everyone in the community to participate in the solution.”
This grant program is in line with the One Fresno Housing Strategy.
Dyer says the city will start its own cash assistance in August.
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