City of Monterey offers new program to help first-time home buyers

MONTEREY, Calif. (KION) The city of Monterey is offering a new program to help individuals and families who otherwise would not be able to buy a home in Monterey.

The First-Time Home Buyer Program involves re-selling homes and condos that are priced below comparable market-rate, according to the city. The properties are deed restricted, and the city said it will monitor the deed restrictions to make sure they stay affordable.

To qualify, applicants need to live or work in Monterey, be a first time home buyer and have a qualifying income. The qualifying income is based on the number of people in the household and is divided into low, median and moderate-income.

Availability is limited and depends on how often affordable homes become available, but the city believes there will be multiple properties in 2020. The city said it will advertise properties on the First-Time Home Buyer wait list.

Find the application for the program here.