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First-Time Home Buyer Grant Program

First-Time Home Buyer Grant Program

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Help Your Clients Make Homeownership a Realty:

The California Association of REALTORS® (C.A.R.) Housing Affordability Fund (HAF) has partnered with the San Luis Obispo Coastal Association of REALTORS® (SLO Coastal) to provide grants of $3,000 to First-Time Home Buyers looking to purchase property in San Luis Obispo County.

The SLO Coastal First-Time Home Buyer Grant program will offer $3,000 grants to first-time home buyers, on a first-come, first-served basis, who are purchasing property in San Luis Obispo County. Grant money will be used for actual closing costs, such as but not limited to, title and escrow fees,
first-time home buyer education, loan buy-downs, and other actual one-time closing costs, etc. Grant funds will not be used for recurring costs such as taxes and insurance.

To qualify, buyers will need to make less than 140% of the AMI ($158,340) and be represented by a California REALTOR®.

San Luis Obispo County is one of the most challenging areas in California for first-time home buyers to secure homeownership.

  • Escalating Housing Costs – Median home prices are upwards of $860,000
  • Affordability – Fewer head of household jobs and ever-changing interest rates make it difficult to qualify.
  • Qualified grant recipients must make less than 140% of the Area Median Income.

How the Grant Works:

Eligble First-Time Home Buyers looking to purchase property in San Luis Obispo County in 2024 will have the opportunity to receive a $3,000 grant, on a first-come, first-served basis, who are purchasing property in San Luis Obispo County. Grant money will be used for actual closing costs, such as but not limited to, title and escrow fees, first-time home buyer education, loan buy-downs, and other actual one-time closing costs, etc. Grant funds will not be used for recurring costs such as taxes and insurance.

Qualifications:

Property:
  • The property being purchased by Recipient must be a single-family residence (including a manufactured home or mobile home if affixed to the property, a single-family residential unit in a condominium, cooperative or planned unit development, or a single-family residential one to four (1-4) unit property).
  • Property must be located within San Luis Obispo County.
Recepient:
  • Recipient must be a First-Time Homebuyer. “First-Time Homebuyer” means an individual (and all co-buyers on the property purchase contract, if any) who has had no ownership interest in any real property in any location during the last three (3) years.
  • Recipient’s income must be no more than 140% of the Area Median Income (“AMI”) as set forth by the California Department of Housing Community Development. $158,340
  • Recipient must be represented by a member of the California Association of REALTORS ® in the transaction.
  • Recipient must certify they intend to move into the property within 60 days of close of escrow and occupy the property as their principal residence for at least three (3) years.

Restrictions:

  • Directors, officers, and employees of C.A.R., HAF, SLOCAOR, and their respective subsidiaries and affiliates, and members of their immediate families (spouses, children, parents, and siblings) are not eligible to be Recipients.
  • REALTORS® and their immediate families (spouses, children, parents, and siblings) are not eligible to be Recipients.
  • Grant Funds Disbursement: Grants will only be awarded to qualifying applicants on a first-come, first-serve criterion based on their grant application completion date. This program will last until all grants have been awarded.
  • REALTOR® Limit: Maximum of three (3) grant recipient clients per REALTOR®.
 
San Luis Obispo Coastal Foundation Tax ID #26-0205657
San Luis Obispo Coastal Association of REALTORS®

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