H O A Grant Program
REFERENCE: CALIFORNIA ASSOCIATION OF REALTORS®. HOUSING AFFORDABILITY FUND
C.A.R.’s Housing Affordability Fund’s Homeowners Association Grant Program
Frequently Asked Questions:
1. What is the name of the program?
C.A.R.’s Housing Affordability Fund’s Homeowners Association Grant Program.
2. What is C.A.R.’s Housing Affordability Fund’s Homeowners Association Grant Program?
C.A.R.’s Housing Affordability Fund’s Homeowners Association Grant Program will provide qualified first time California homebuyers up to six months of HOA dues, not to exceed $2,500.
3. How much is dedicated to Homeowners Association Grant Program?
C.A.R.’s Housing Affordability Fund’s has allocated one million dollars towards this program.
4. When will the Homeowners Association Grant Program start?
The Homeowners Association Grant Program started in December 2016 and funds will be distributed on a first come/first served basis.
5. When will the Homeowners Association Grant Program end?
The program will end once the funds have been exhausted.
6. What are the qualifications for the Homeowners Association Grant Program?
To qualify as an Eligible Grant Recipient under the Program:
- Homebuyers must use a California REALTOR® in the transaction
- Purchase a primary single family residence in California with the intent to occupy the property as your primary residence
- Be a first-time homebuyer
- Buy a home with applicable HOA dues/fees
- The purchase price of the Single Family Dwelling must not exceed 150% of the mortgage limit set by the FHA for one-family units in the county in which the Single Family Dwelling is located.
- You must have used financing to purchase the Single Family Dwelling and must not have paid all-cash for the purchase
- You must apply within 30 days after the close of escrow
7. Who qualifies as a first-time homebuyer?
A first-time homebuyer is 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 three (3) year period ending on the date of the individual’s signature of the Buyer Certification Form.
8. What is included as a “Single Family Dwelling”?
A “Single Family Dwelling” means any single-family residence (including a manufactured home or mobilehome, a single-family residential unit in a condominium, cooperative or planned unit development, a town home, or a single family residential unit within a one-to-four family residence) you purchased in California for which you are applying to receive a Program Grant under this Program.
9. How do I apply for the Homeowners Association Grant Program?
REALTORS® must complete a program application and certification form on behalf of their client.
IMPORTANT NOTE: Applying to the California Association of REALTORS® (C.A.R.) Housing Affordability Fund (HAF) HOMEOWNERS ASSOCIATION (HOA) Dues Payment Assistance Program (“Program”) does not guarantee that you will receive a grant pursuant to the Program. Grants will be awarded on a first-come, first-served basis to qualified applicants who submit a completed and signed Program Application and Certification Form, and Closing Disclosure Form no later than thirty (30) days after close of escrow for the purchase of a Single Family Dwelling in California. C.A.R. may choose to discontinue or suspend the Program at any time. Availability of funds is not guaranteed. C.A.R. and HAF make no representations and disclaim any and all liability for any and all damages, injuries, Claims losses, or expense arising out of or in any way related to the Program, administration thereof, or disbursement of any funds, from any cause or causes, including but not limited to claims relating to the negligence, errors, omissions, and strict liability. Program grants may be considered taxable income by federal and/or state taxing authorities. Please consult a tax professional for more information.