Black Homeownership and Wealth Preservation
CONSUMER AND BUSINESS AFFAIRS
1.3 Care First, Jails LastFederal Expenditure Category
Household Assistance: Rent, Mortgage, and Utility Aid
08/30/2022Anticipated End Date
Indicators & Metrics to DateThis project does not have any reported Indicators or Metrics
The Care First Community Investment (CFCI) program will assist qualifying County residents with the ability to purchase a home. This program will be administered by DCBA’s Center for Financial Empowerment (CFE) and will provide a $35,000 conditional grant with a 2-year lien for down payment assistance and/or closing costs. This approach is different compared to other local and state existing down payment assistance programs that provide zero or low interest loans that the homeowner is required to pay back. It also aims to provide education and financial coaching for homebuyers/owners so they can be as aware and prepared as possible by utilizing resources and information available to them to maintain and care for their home. Our goal is to address the homeownership gap in Los Angeles County and provide a bridge to owning a home. This will set the foundation for long term wealth building for historically disadvantaged County residents. Although the original program title specifically names the black community, we will aim to target all qualifying County residents of the BIPOC communities.