To qualify, applicants must have never owned a home, and be first-generation home buyers in their families.
Additionally, they must currently rent in a Community Development Block Grant area — those are primarily in north and central Long Beach.
"There are higher percentages of renters in those areas, and also some of the lower income areas of the city that would need some extra incentive to become homeowners," said Sorensen.Once applications open, the funds will be given to qualifying applicants based on when they enter escrow. "When people have gotten approval for their basic eligibility, it's first to escrow will be those who receive the funding, so that we don't have a bunch of people approved but then don't actually close escrow and utilize the funding," said Sorensen."People don't have to feel that extra stress of just adding on the debt," said Sorensen.
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