This week, the Mayor and City Council of Inglewood approved funding for a local Homebuyers Assistance Fund in the city. The program will be funded with Redevelopment Housing Bond Funds and will provide local low and moderate- income families with mortgage assistance. As part of the program, the city’s Housing Authority will receive 45-year affordable housing covenants on the properties.
“Inglewood has a robust history of supporting and providing affordable housing for our residents. We currently have more than 3000 units of affordable housing, but we are committed to continuing to grow that number,” said Mayor James Butts. “As Inglewood continues to thrive and prosper, we are committed to increasing our affordable housing stock and this program will provide local families the exact assistance they need to become homeowners.”
The program will utilize $2 million in Housing Bond Funds to provide assistance for home ownerships. Requirements include living in Inglewood for three of the last five years, a maximum purchase price of $600,000 and a household income that cannot exceed $120 percent of the Los Angeles County area median income. All of the program details can be found here: https://www.cityofinglewood.org/AgendaCenter/ViewFile/Item/5070?fileID=2789
The city of Inglewood has been focused on affordable housing for the past four decades. The affordable stock of 3,038 units consists of 2846 rental units and 192 owned homes. There are 40 senior housing units set to come online by end of 2018, with an additional 170 affordable units in various stages of implementation.
