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First Time Home
Buyer
One of the primary objectives of the Inglewood Redevelopment Agency (the “Agency”) is to increase, improve and preserve the City’s supply of low- and moderate-income housing. The First-Time Home Buyer Program,
established in 1995, is one way in which the Agency attempts to meet this objective.
On an annual basis, and in accordance with the Agency's approved budget,
the Agency allocates monies from the Housing Fund for this First-Time Homebuyer Program. Allocated monies are used to
provide loans for down payment and closing cost assistance for the purchase of a home to be used as a principal residence
by a first-time homebuyer qualifying as a person or family of low- or moderate-income. The assistance is offered as a
second mortgage loan made by the Agency concurrently with a first mortgage loan made by a lender. The loans are fully
deferred loans until the home is sold or the title to the property is transferred. The maximum Agency loan amount is
$150,000. Collectively, the City of Inglewood and the Inglewood Redevelopment Agency have provided over $7 million to the
program and have assisted over 196 families and individuals in becoming proud Inglewood homeowners. Program eligibility
is based, in part, on the total household size and income.
Los Angeles County State Income Limits for 2008
Area Median Income: $59,800
| Income Category | Number of Persons in Household |
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
|
Extremely Low
|
15,950
|
18,200
|
20,500
|
22,750
|
24,550
|
26,400
|
28,200
|
30,050
|
|
Very Low
|
26,550
|
30,300
|
34,100
|
37,900
|
40,950
|
43,950
|
47,000
|
50,050
|
|
Lower
|
42,450
|
48,500
|
54,600
|
60,650
|
65,500
|
70,350
|
75,200
|
80,050
|
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Median
|
41,900
|
47,800
|
53,800
|
59,800
|
64,600
|
69,400
|
74,200
|
78,900
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Moderate
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50,300
|
57,400
|
64,600
|
71,800
|
77,500
|
83,300
|
89,000
|
94,800
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For more information
In regarding the First-Time Home Buyer contact the
redevelopment staff at (310) 412-5290.
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