Housing Authorities - City & County of Fresno

Home Ownership Opportunities

The Homeownership Program was established to provide low income families (first time homebuyers), who ordinarily could not afford or qualify, an opportunity to buy a home. This is accomplished by allowing the prospective buyer to accumulate a down payment (which we call an Earned Homebuyer’s Reserve) from what would normally be the Housing Authority’s operating cost. The resident gets the benefit of accumulating the reserve on the condition that he/she will perform routine maintenance on the home, thereby saving the Housing Authority the cost of those repairs. An additional incentive is provided to program participants which allows families to receive a "3:1 matching grant fund" on their Earned Homebuyer’s Reserve up to a maximum of $15,000. (Subject to funding availability; Matching funds provided by the Federal Home Loan Bank of San Francisco and Citibank - IDEA Program.)

The Housing Authority accomplishes these objectives through available programs including:

Applicant Eligibility:

Families must meet the normal eligibility requirements for public housing; however; at least 50 percent of the family’s income must come from employment. Families must also demonstrate the potential to achieve homeownership status by qualifying for a home loan. These qualifications require having a steady history of employment (at least 2 years), a satisfactory credit history, mortgage payment should be no more than 28%-33% of your monthly gross income and your other monthly expenses should not exceed 38% of your gross monthly income.

Rent:

Rent for the Homeownership Program is based on 30% of adjusted income. A reexamination of income is completed annually and the rent payment is adjusted accordingly. Rent may continue to increase until the families obtain a mortgage loan.

Earned Homebuyer's Reserve:

The Earned Homebuyer’s Reserve is established for the purpose of accumulating a down payment on the home. It is accumulated by deposit of a set amount paid monthly by the Housing Authority to the Earned Homebuyer’s Reserve account. The contribution by the Housing Authority is made on the condition that the resident will perform routine maintenance on the unit. The reserve is ultimately used as a deposit/down payment on the house. Should a participant be unable to exercise the agreement to purchase the home or if they drop out of the program, they forfeit the accumulated funds.

Sierra Pointe of California:

HOMEOWNERSHIP OPPORTUNITIES FOR PEOPLE EVERYWHERE! The exciting new West Fresno community that takes equal parts simplicity and sophistication and blends them into a neighborhood unlike Fresno has ever seen before. The combination of low-maintenance single-family homes, three and four bedroom European-style models, and a unique land plan, make this West Fresno community one for the ages.

View the Site

Neighborhood Stabilization Program

In early 2009, the City of Fresno submitted a NSP Plan to the Department of Housing and Urban Development. The approved application proposed that the City’s NSP funds be used to purchase foreclosed or abandoned properties, to rehabilitate them as needed, and to re-sell them to buyers who agree to remain in the home as owner-occupants.

For more information, click here.

For questions about the program, call 559-441-2301.