How would you like $175,000 dollars towards the price of a home you want to buy?

It's no fantasy, at least for current Santa Rosa residents. 

Nicole Del Fiorentino is housing and community services manager for the city of Santa Rosa.

"There are two programs rolling out simultaneously," Del Fiorentino said. "Burbank Housing is rolling out their down payment assistance program that can give up to $100,000 and the city's program is called the Down payment Assistance Loan Program or D-PAL and that can provide eligible Santa Rosa residents with up to $75,000 in down payment assistance."

Big deal you say? Its a loan?

"There are no monthly payments, the loans become due at a thirty-year term, or if a property is sold and in certain cases of refinance, or defaulted on," Del Fiorentino said.

Del Fiorentino said the programs can make a real difference.

"That could be the difference between a person being able to buy a one bedroom, versus a two or three bedroom unit, and so it will really allow the households to buy a house that will fit their family," Del Fiorentino said.

The city's program is open only to current city residents buying a home, condo or townhouse within Santa Rosa. Burbank's loan program has no such restrictions.

You'll have to act quickly though.

"I anticipate the funds being exhausted within the first round of applications coming in," Del Fiorentino said.

Applications open October 2, 2023

To assure you're dotting every i and crossing every t, officials are holding a webinar at the end of September to guide aspiring homeowners through the paperwork.

"On the 27th, which is this upcoming Wednesday at six pm, with an option for people to come in-person to view the webinar at 35 Stony Point Road which is our utility field operations building in Santa Rosa," Del Fiorentino said.

That's by Finley Park.

In contrast to a recent state program...called the California 'Dream for All' loan, criticized for not delivering enough funds to the low income buyers it sought to help, Del Fiorentino said safeguards are in place.

"We will ensure compliance with the city's conflict of interest code, and the people directly administering the program are not going to be applying," Del Fiorentino said.

How many the programs will help is an open question. It won't fund loans for property changing hands for more than $850,000.

Someone buying at that price--with mortgage loans averaging 7.19%, according to Freddie Mac--would still be on the hook for a monthly payment, including taxes and insurance, of close to $5,000.