Aid to Low-Income Home Buyers Offered

Port Hueneme has launched a home buyer assistance program designed to aid low- and moderate-income residents in purchasing their first home.

“The main stumbling block to first-time home buyers is the down payment and that’s what this [program] is really focused on,” said Tom Figg, community development director.

Qualifying buyers would receive down payment assistance on a second mortgage that ranges from 10% to 20% of the home’s purchase price. Principal and interest are deferred until the property is sold.

The city has $768,000 in federal and municipal funds available for qualifying buyers, which is expected to be enough to allow 43 families to purchase homes, Figg said.

Conventional wisdom views home ownership as a crucial method of stabilizing neighborhoods and fostering economic prosperity. This has particular relevance in Port Hueneme where only 47% of homes are owner-occupied, the lowest percentage of any city in Ventura County, Figg said.

Although Port Hueneme’s median home value is the lowest among the county’s 10 cities, which may encourage buyers to take the plunge, the city also has a high percentage of low-income households.

Eligible buyers must have an annual income not more than 20% over the area median. For a family of four, that means an income that does not exceed $70,900 a year, Figg said.

Initially the program will target the 732-unit Marina Village condominium complex, where only 23% of residents own their own homes and the 27-unit La Entrada townhome complex where none of the residents own their homes, Figg said.

People who believe they may be eligible should inquire about the program through their lender, he said.