June 22, 2010

SUISUN CITY - Despite state raids on its funding, Suisun City's Redevelopment Agency is putting out the word it is still offering down-payment assistance to first-time homebuyers.

The program targets foreclosed and short-sale homes in an effort to return them to family ownership and to keep foreclosed vacant homes from becoming a blight on a neighborhood.

'We are committed to reinvesting in our neighborhoods to make Suisun City the region's best community for families,' Project Manager Vivian Chua Togonon said in a press release.

Qualified buyers can get a loan in the form of a second mortgage on which the homeowner makes no monthly payments. On selling the property, the agency recovers the principal it invested and shares in a pro-rata portion of any equity appreciation in the home.

Participants also get first chance to make an offer on properties acquired and renovated through the Neighborhood Stabilization Program. These homes may qualify for down-payment assistance of up to 35 percent of the property's value.

Households that qualify for the First-Time Homebuyer Program are also qualified to participate in the Neighborhood Reinvestment Program, which provides up to $2,500 in a matching grant to help homeowners with exterior improvements.

Since the program's start in January 2009, it has fielded 278 inquiries, qualified 30 homebuyers, and closed 22 escrows with the help of a Suisun City down-payment loan.

For more information, go online to http://www.suisun.com, call 421-7309 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

By Ian Thompson - DAILY REPUBLIC