(San Jose: October 2, 2007) The Housing Trust of Santa Clara County plans to launch new programs soon that will make it easier and more affordable for qualified low and moderate-income families to buy their first home in Santa Clara County.

Housing Trust staff, working with lending professionals and partner organizations, have been actively working on details of two new programs, approved in outline by our Board of Directors earlier this year, and both programs will become effective once final details are settled, staff trained and infrastructure developed to support the programs and to provide superior levels of customer service.

And most importantly: “Both of these programs will continue our mission of providing affordable homes for Silicon Valley families,” says Housing Trust Executive Director Taylor Dial.

About the new programs

Downpayment Assistance Program: This program will be similar to our now-discontinued first-time homebuyer grant program, but will offer greater downpayment assistance to qualified low-income homebuyers.

Mortgage Assistance Program: The program’s goal is to reduce the cost of the homeowner’s monthly mortgage payment. The Trust will offer a second mortgage and will be limited to borrowers who meet a series of income and asset requirements.

About the Trust

The Housing Trust of Santa Clara County is a non-profit, 501c3 community-based organization dedicated to creating affordable homes for Silicon Valley families. To date, the Housing Trust of Santa Clara County has invested more than $26 million in affordable housing opportunities throughout Santa Clara County. Since they began distributing funds in 2001, the Trust has already helped more than 6,400 families, including assistance to 1,993 families to help them buy their first homes in Santa Clara County; enabled the development of hundreds of units of affordable rental housing, worth over $341 million; and helped create hundreds of units of shelter and special-needs housing in our community, making it possible for people like teachers, police officers, firefighters, nurses and civic employees to live in the communities they serve.