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Corona Redevelopment Agency Assists War Veteran in Home Ownership

Posted on: Friday, 13 March 2009, 07:30 CDT

CORONA, Calif., March 13 /PRNewswire-USNewswire/ -- War veteran and Corona resident, Brian K. Taylor was the first person to utilize the City of Corona's recently reinstated Home Owner Assistance Program (HOAP NOW). Taylor, after two tours in Iraq, realized he had been priced out of Orange County, but still wanted to fulfill his dream of home ownership. After attending a HOAP NOW education class, Taylor found that with the City of Corona's assistance, he could actually make his dream a reality.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090313/DC83316-a)

(Photo: http://www.newscom.com/cgi-bin/prnh/20090313/DC83316-b)

HOAP NOW was designed to help people who want to purchase a home, but don't have enough money for a down payment. The program offers up to 20% of a purchase price of $350,000 or less, by way of a cash down payment. Taylor, as well as other qualified applicants, will not be charged interest, nor make any payments on the loan as long as the property is owner-occupied by the original buyer. This enables first time buyers, like Taylor, to purchase a better or larger home without going beyond their means.

Corona has stayed ahead of the curve by setting aside $1.5 million last year to help Corona residents. The timing was perfect as January 2009 saw the median price of houses drop to $295,000. The City's effort to aid first time home owners puts more qualified buyers in the market to purchase a home. This benefits all other home owners and the city as a whole as foreclosed homes can be purchased immediately rather than sitting vacant for months. In this way, the City is helping to absorb foreclosures and stimulate the local economy.

Currently, the City has received 28 applications and committed over $750,000. Five buyers are in escrow now with nine other applicants looking for homes. The City is proud it was able to help Mr. Taylor, a man who has fought for the American dream, become the first successful applicant to achieve his dream of owning a home in the City of Corona. The City encourages veterans as well as any resident to visit the HOAP Now website at www.CoronaHOAPNow.com to see if the program and timing are right for them. For more information, please contact the City's Housing Manager, Jesus M. Morales at (951) 736-2260.

SOURCE Corona Redevelopment Agency

Source: PR Newswire

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