REDLANDS, Calif. — The Inland Empire Community Foundation (IECF) and Neighborhood Partnership Housing Services, Inc. (NPHS) have launched a new program to make homeownership more accessible for low and moderate-income families in Riverside and San Bernardino counties.
Why it matters: The program aims to address the growing affordability crisis in the region. According to the California Association of Realtors, only 30% of Inland Empire families can now afford to purchase a home, down from nearly half a decade ago. By making homeownership more attainable, this program offers a path to generational wealth and greater financial stability for families who have historically been excluded from these opportunities.
Details: The Inland Empire Down Payment Assistance Program, funded with a $1 million gift from U.S. Bank, is now accepting applications. It offers qualifying first-time homebuyers up to $40,000 in financial assistance.
"Through this community initiative, we strive to create life-changing opportunities for families who have long faced systemic obstacles to achieving the dream of homeownership," Clemente Mojica, the CEO of NPHS, said.
The median home price in the Inland Empire has more than doubled since 2014, rising from $267,000 to $590,000. This surge has pushed the minimum income required to buy a home from $35,170 to $148,000 in less than 10 years.
NPHS will lead the program's implementation, which includes pre-purchase counseling, down payment and closing cost assistance, community outreach and collaboration with local stakeholders.
Eligible homebuyers will receive a deferred zero-percent loan for 30 years, with no payments required during this period. This structure allows homebuyers to focus on building equity and financial security for their families.
What they’re saying: "By addressing the financial hurdles to homeownership, we can make a lasting impact on the lives of families and the economic health of our communities here," said Michelle Decker, CEO of IECF.
Moving forward: Interested first-time homebuyers can find more information and apply for the Inland Empire Down Payment Assistance Program by visiting https://nphsinc.org/iedpa/ or www.iegives.org.
