Building Equity and Growth in Neighborhoods Program (BEGIN)
Reduce local regulatory barriers to affordable homeownership housing, and provide down-payment assistance loans to qualifying first-time low- and moderate-income homebuyers in BEGIN Program projects.
Grants to cities and counties (grant recipients). The grant recipients will then make deferred-payment, second mortgage loans to qualified buyers of new homes, in projects where the affordability has been enhanced by local regulatory incentives or barrier reductions. In certain cases, this can include mobilehomes provided they are on permanent foundations.
Grant recipients provide 30-year, deferred payment loans that will include simple interest of one to three percent (1 to 3%) to qualifying homebuyers. The loans cannot exceed 20 percent of the home sales price. NOTE: The HCD BEGIN Program does not loan directly to individuals.
Second mortgage loans for down-payment assistance to low- or moderate-income first-time homebuyers. Eligible homes must be newly constructed in projects facilitated by local regulatory incentives or barrier reductions, and may include manufactured homes.
All cities and counties in the State of California.
Applications will be invited through the issuance of Notices of Funding Availability (NOFA).