Due to the dissolution of Redevelopment by the State of California, the City of Hayward no longer offers down payment assistance to first-time homebuyers. However, local homebuyers may benefit from the following down payment assistance programs (please contact the program sponsors listed in the following sites for more information):
Alameda County Mortgage Credit Certificate Program: A MCC provides income eligible first-time homebuyers with an opportunity to reduce the amount of federal income tax due by an amount equal to 15% of the mortgage interest payments at a dollar-for-dollar credit. The remaining 85% can be taken as the usual allowable deduction of the itemized return. The end result is an increase in the household’s overall income and ability to qualify for a mortgage loan. This program is administered by the Alameda County Community Development Department.
Workforce Initiative Subsidy for Homeownership (WISH) Program: This Program provides matching grants to qualified first-time homebuyers through bank members of the Federal Home Loan Bank of San Francisco (FHLB). The following are some of the basic program requirements:
- Homebuyers must contact a bank member in order to participate in the program - only bank members may submit applications.
- The household income of the homebuyer at the time of enrollment in the WISH program is 80% or less of the HUD area median income.
- Participants must complete a homebuyer counseling program.
- Under the WISH Program, the FHLB will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home.
- The WISH Program can complement or supplement a variety of state, local, and federal homeownership programs, including CalHFA, NSP, and FHA programs.