Golden State Finance Authority (GSFA) has launched the ReCoverCA Homebuyer Assistance (DR-HBA) Program to support individuals and families in California impacted by the devastating wildfires and other declared disasters in 2018 and 2020.
The Program, managed by GSFA and funded by a $28 million grant from the California Department of Housing and Community Development (HCD), is designed to help low- and moderate-income residents (homeowners or renters) of the Most Impacted and Distressed (MID) California counties to relocate outside of high fire hazard severity zones.
The homeownership assistance given to qualifying households is provided in the form of a forgivable loan, up to $350,000, to cover the funding gap between the First Mortgage Loan amount and the purchase price of a home.
Low-to-moderate income homeowners and renters whose primary residence, at the time of the qualifying disasters in 2018 or 2020, was located in high or very high fire severity zones in an MID county will be eligible to apply for the DR-HBA Program. Eligible MID counties are: 2018 – Butte, Lake, Los Angeles and Shasta counties; 2020 – Butte, Fresno, Los Angeles, Napa, Santa Cruz, Shasta, Siskiyou, Solano and Sonoma counties.
The creation and implementation of the DR-HBA Program centers on the goal to increase the level of homeownership among impacted disaster survivors and contribute to the affordability and sustainability of communities across the State. The grant provided by HCD is part of the State’s Disaster Recovery Action Plan for the 2018 and 2020 disasters and made possible through a Community Development Block Grant – Disaster Recovery grant from the U.S Department of Housing and Urban Development (HUD).
Complete program policies, eligibility requirements, interest rates, APRs and loan applications are available through a network of ReCoverCA approved lenders, published on the GSFA website gsfahome.org.
