A City of Lodi program that provided financial assistance to qualifying first-time homebuyers the past three years will not be offered in 2013 because of a lack of State funding.
The City had originally received an award of $800,000 from the State Department of Housing and Community Development in 2009 to start the First Time Homebuyer Loan Program, which provides down payment assistance loans to low-income, first-time homebuyers for the purchase of homes in Lodi. The contract for that funding expired in May of 2012.
No Funding Extension
On January 30, 2013, Housing and Community Development (HCD) notified the City that Lodi that it did not qualify for a funding extension. The State received requests for over $28.7 million in applications for an estimated funding availability of $15.4 million.
Future of the Program
The City anticipates submitting an application later this year to resume the First Time Homebuyer Loan Program in 2014. The City will have a greater chance of receiving an award in 2014 because HCD gives additional points in the application scoring process to entities that did not obtain funding in the previous year.
The City will continue to maintain a list of interested homebuyers, local lenders and real estate professionals in order to resume the program as quickly as possible when funds become available.