Los Angeles County Announces New Loan Program to Help Moderate-Income Buyes Purchase Their FIrst Home

Qualified Borrowers Will Receive Down Payment and/or Closing Cost Assistance Through the New Loan Program

February 26, 2024 – The Los Angeles County Development Authority (LACDA) is excited to announce its new Home Ownership Program, HOP120. The loans will assist moderate-income homebuyers earning 120% of the Area Median Income for Los Angeles County in the purchase of their first home.

HOP120 provides a second mortgage loan for first-time homebuyers with assistance up to $85,000, or 20% of the purchase price, whichever is less. The loan provides down payment and/or closing cost assistance and is secured with a Deed of Trust and Promissory Note. The loans are 0% interest loans with deferred payment. Repayment is required when the home is sold, there is a transfer of title, or the home is no longer owner-occupied. Eligible properties must be in unincorporated Los Angeles County or participating cities.

Eligible properties include single-family homes, townhomes, and condominiums with a maximum purchase price of $850,000.

The LACDA will start accepting HOP120 applications on February 26, 2024. To apply for the Program, applicants must use an LACDA-approved participating lender who will submit the application on their behalf.  Interested homebuyers are encouraged to visit www.lacda.org, and click on Home Ownership at the top of the page for additional details such as the lists of participating cities and lenders.

“HOP120 expands homeownership opportunities to families who are positioned to purchase a home but held back by the upfront costs such as down payments and closing costs.  The LACDA aims to remove some of those barriers and help Los Angeles County residents invest in their future and plant roots for their family,” said LACDA Executive Director, Emilio Salas.

For more information on HOP120, please email HOP@lacda.org or call (626) 586-1853.