Coming up for the cash for a down payment is one of the biggest barriers to homeownership. A 2012 study by the Center for Responsible Lending found that it would take someone making the median income 20 years to save enough for a 10 percent down payment and closing costs for a $160 thousand house.
But there is a program in San Antonio that provides grants and loans to potential home buyers. Jennifer Gonzalez is the director of the non-profit Alamo Community Group.
“San Antonio is a hot market. We’re certainly seeing housing prices increase so even where we are able to provide these funds for families they’re having difficult times finding homes that fit their budget. That is a huge challenge.”
Gonzalez said the city provides the Homeownership Incentive Program loan – which can be as much as 12 thousand dollars for first time homebuyers for targeted neighborhoods in the inner city.
“the challenge is how do we extend these programs. How do we continue to create these opportunities for them.”
Gonzalez said the city of San Antonio is exploring options for a 2017 affordable housing bond and these assistance programs could be models for that election package.
Guest:
- Jennifer Gonzalez, executive director of the Alamo Community Group and chair of the San Antonio Housing Commission to Protect and Preserve Dynamic & Diverse Neighborhoods
