Photo by Tierra Mallorca at unsplash.com

The Beyond Housing Foundation, the fundraising affiliate of Fresno Housing, announced Tuesday it has received a $500,000 contribution from U.S. Bank to launch OpenHome, a down payment assistance program designed to help families in Fresno and Madera counties achieve home ownership.

Through this initiative, eligible first-time homebuyers can receive up to $25,000 to help with their down payment. The funding comes as a grant that doesn’t require repayment.

In addition to being a first-time buyer, eligible buyers must meet specific income limits based on household size and location, or the property must be located within a majority minority-owned census tract.

Participants must complete an approved 8-hour homebuyer education course.

The largest tier of grant for up to $25,000 is available for households earning up to 80% of the area median income (AMI).

The second tier, for up to $20,000, is available to households earning 80-120% of AMI, and they must purchase a home in a majority minority-owned census tract.

According to a Freddie Mac calculator for Fresno County, 80% of AMI is $67,440, while 120% of AMI is $101,160.

 

“Homeownership is a cornerstone of building generational wealth, and with support from U.S. Bank, we are breaking down barriers for underserved families,” said Tiffany B. Mangum, executive director of Beyond Housing Foundation. “The OpenHome Down Payment Assistance Program is more than just financial support; it’s a pathway to stability, opportunity and economic mobility for families across our community.”

Fresno Housing serves more than 50,000 residents across Fresno County, and the Beyond Housing Foundation works to provide economic empowerment opportunities for those residents. The OpenHome program will help families transition from rental housing to homeownership, reinforcing the foundation’s mission to create sustainable and thriving communities, according to a news release.

“Safe and stable housing helps children, families and communities thrive,” said Ashley Bocek, community affairs manager at U.S. Bank. “By working with the Beyond Housing Foundation to provide financial tools and resources, we aim to help drive long-term stability and economic growth for families seeking homeownership opportunities.”

The lender or Realtor must submit the request in writing to info@beyondhousing.org.

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Download a final program overview from Beyond Housing Foundation.