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Tri Counties Bank and Self-Help Enterprises Launch Down Payment Assistance Program in the California Central Valley
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Tri Counties Bank partners with Self-Help Enterprises to launch a new Down Payment Assistance Program. The program offers up to 3% of the home's purchase price (up to $10,000) in down-payment assistance loans for low- and moderate-income homebuyers in Stanislaus, Merced, Madera, Fresno, Tulare, and Kern Counties. Loans have a term of five years with zero percent interest and may qualify for forgiveness if terms are met.
Positive
Tri Counties Bank donates $150,000 to fund the Down Payment Assistance Program
Qualified borrowers can receive up to 3% of their future home's purchase price (up to $10,000) in down-payment assistance loans
Loans have a term of five years with zero percent interest
Loans may qualify for forgiveness if terms are met
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CHICO, Calif.--(BUSINESS WIRE)--
Tri Counties Bank announced today a partnership with Self-Help Enterprises (SHE) to launch a new Down Payment Assistance (DPA) Program. Tri Counties Bank is funding the program with a $150,000 donation to support low- and moderate-income homebuyers in Stanislaus, Merced, Madera, Fresno, Tulare and Kern Counties.
Tri Counties Bank awards Self-Help Enterprises with a $150,000 donation to fund a new Down Payment Assistance that support low- and moderate-income homebuyers in Stanislaus, Merced, Madera, Fresno, Tulare and Kern Counties. (Photo: Business Wire)
The new program is coordinated through SHE and all home mortgages will be financed through Tri Counties Bank. Qualified low- and moderate-income borrowers can apply to receive up to 3% of their future home’s purchase price (up to $10,000) in down-payment assistance loans. All loans have a term of five years with zero percent interest and will qualify for forgiveness if terms are met.
“Tri Counties Bank is pleased to continue partnering with SHE to provide low-income buyers with the opportunity to achieve the dream of purchasing their first home,” said Aytom Salomon, Senior Vice President and Market President of Tri Counties Bank’s Greater Bakersfield region. “Our goal is to strengthen and grow our communities, especially those that have been underserved in the Central Valley area.”
First-time home buyers may also be able to obtain additional down payment assistance through other programs available through Tri Counties Bank, including:
Tri Counties Bank’s Homeownership Access Program
CalHFA Down Payment Assistance Program
California Dream For All Shared Appreciation Loan Program
Workforce Initiative Subsidy for Homeownership (WISH) First-Time Homebuyer Program
“This partnership with Tri Counties Bank is vital to bringing home ownership within reach for hard working families in the San Joaquin Valley,” said Tom Collishaw, CEO of SHE. “Owning a home continues to be the most important path to economic security in this country.”
In addition to the DPA Program, Tri Counties Bank and SHE will be offering two “Understanding Down Payment Assistance” workshops on October 18 at 5:30 PM and October 21 at 10:30 AM. Workshops will be hosted at the Annadale Commons Community Center at 1515 E Annadale Avenue in Fresno. Attendees will learn about the program’s process and about qualifying for down payment assistance. Space is limited and spots can be reserved by calling (559) 434-0939.
Interested home buyers can apply for the Down Payment Assistance Program by calling (559) 802-1640 or by visiting https://www.selfhelpenterprises.org/.
About Tri Counties Bank
Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, with assets of almost $10 billion and nearly 50 years of financial stability. Tri Counties Bank provides a unique brand of Service With Solutions® for communities throughout California with a breadth of personal, small business and commercial banking services, plus an extensive branch network, access to approximately 40,000 surcharge-free ATMs nationwide, and advanced mobile and online banking. Tri Counties Bank participates in the Cities for Financial Empowerment (CFE) Fund’s BankOn program that seeks to ensure that everyone has access to safe and affordable financial products and services. Visit TriCountiesBank.com to learn more. Member FDIC. Equal Housing Lender. NMLS #458732
About Self-Help Enterprises
Self-Help Enterprises (SHE) is a nationally recognized community development organization whose mission is to work together with low-income families to build and sustain healthy homes and communities. The pioneer and leading provider of mutual self-help housing in the United States, SHE’s efforts today encompass a range of endeavors to build better homes and communities for farmworkers and other hard-working families. Since 1965, SHE has helped more than 6,500 families to build their own homes, rehabilitated over 6,900 unsafe homes, developed over 2,500 units of affordable rental housing, and has provided technical assistance for reliable access to safe drinking water and sanitary sewer infrastructures which has affected the lives of over 33,000 individuals in 175 small communities. SHE’s commitment to providing resources and training for individuals builds the capacity of highly effective leaders in communities that also promote collaborative solutions for improving communities. These combined efforts have touched the lives of over 75,000 families, providing security and stability for families and building more productive communities.
The Down Payment Assistance Program is a new initiative launched by Tri Counties Bank in partnership with Self-Help Enterprises. It offers down-payment assistance loans to low- and moderate-income homebuyers.
How much can qualified borrowers receive through the program?
Qualified borrowers can receive up to 3% of their future home's purchase price, up to a maximum of $10,000, in down-payment assistance loans.
What are the terms of the loans?
The loans have a term of five years with zero percent interest.
Can the loans be forgiven?
The loans may qualify for forgiveness if the terms are met.
How can interested homebuyers apply for the program?
Interested homebuyers can apply for the Down Payment Assistance Program by calling (559) 802-1640 or by visiting the Self-Help Enterprises website.
