IE Business Daily Business news for the Inland Empire.
The Riverside County Board of Supervisors has created a $1 million program that will help some residents of the Coachella Valley, Palo Verde Valley and Idyllwild make the down payment on their first home.
The First Time Homebuyer Down Payment Assistance Program will be paid for with funding from the American Rescue Plan Act and will apply to the fourth district, according to a statement on Palm Springs’ website.
It will cover up to 20 percent of a down payment, with a cap of $100,000. It can also help with closing costs.
Qualified borrowers can earn no more than 120 percent of area median income based on family. Applications may be submitted starting Aug. 16 and will be accepted until the financing is used up, according to the statement.
For more information visit, https://rivcohws.org/4th-district-first-time-home-buyer.
