HOUSING AND COMMUNITY DEVELOPMENT

First Time Homebuyers Down Payment Assistance Program

Programa de Asistencia con el Enganche para Primeros Compradores

Update: This program has been temporarily suspended while new program guidelines are developed by the California Department of Housing and Community Development.

Please check back for updated information.

Please keep the following guidelines in mind as you search for your home:

     • Eligible homes must be located in the unincorporated areas of Monterey County.
     • Homes must be “modest”, and not to exceed three bedrooms, two bathrooms, and a two-car garage.
Contact our office if you have a large family or a disability that requires an exception.
     • Must occupy the property as the primary residence, non-occupant co-borrowers are not allowed.
     • Maximum purchase price is $480,000 for all unincorporated areas of the County.

Homebuyer Eligibility

Maximum Amount of Loan

Homebuyer Contribution

Income Limits

Homebuyer Application

Program Forms

Inclusionary Housing Program

What is Inclusionary Housing?

Affordable housing is a top priority of the Monterey County Board of Supervisors. The County has a requirement that housing developers include a certain percentage of affordable housing units in their projects. These “inclusionary” housing units are located throughout the unincorporated area of the County. The Inclusionary Housing Program provides home ownership and rental opportunities for households who have very low, low and moderate household incomes.

What is the difference between an Inclusionary Home and a market rate home?

The main difference between an “Inclusionary Home” and a “Market Rate Home” is that the Inclusionary Home is price restricted to sell and resell at a price which is generally lower than market rate homes.

When an Inclusionary Home is sold, the maximum resale price is determined by the percentage increase in the County’s median household income from the time it was purchased, rather than the increase in market value. This assures that the Inclusionary Home will remain affordable to targeted households in the future. In the long run, an owner may make a profit on an Inclusionary Home, but it will be less than that made on a market rate home.

The County keeps the Inclusionary Homes affordable through an Inclusionary Housing Agreement which is signed by the home buyer and the County and is recorded against the property. This Agreement is also signed by subsequent property owners upon purchase of the property.

Who is Eligible to Purchase Inclusionary Housing?

Because Inclusionary Homes are priced less than market rate homes, they are available only to households who earn less than certain income limits. The amount of income a household can earn and be eligible for the Inclusionary Housing Program depends on the current median income for Monterey County as adjusted for household size, the number of people in the household and the amount of liquid and property assets held by that household.

Some of the County’s Inclusionary homes are designated for low-income households and some are designated for moderate-income households. There are specific details in the fact sheet below. You may also request a fact sheet and application form by calling (831) 755-5025. Click here to be taken to the County of Monterey Inclusionary Housing Pre-Screening.

Fact Sheet and Program Application / Caracteristicas y Aplicacion del Programa