This program supports eligible workers in Napa County whose total household income is less than 120 percent of the area median income for Napa County residents – $113,200 for a family of two and $141,500 for a family of four.
Here’s an example of how the program works. If your household meets the income requirements and wishes to purchase a home for $500,000, and the home is in Napa County and is within 20 miles of your workplace, you may be eligible for a loan of $82,500 to use as a down payment (16.5% of $500,000). You are not required to make payments on the loan as long as you own the house.
Down the road, if you decide to sell and the house is now worth $750,000, you must repay the original $82,500 loan plus 16.5 percent of the net profit.
However, repayment can happen at the time of the sale of the property, at the time of refinancing, or if you have cash on hand and obtain an appraisal at any time while you own the property. The County puts this money back into its Affordable Housing Trust Fund to fund homeowner and rental programs in Napa county.
Learn more at the County of Napa website.