New $1 Million Program to Help Inland Empire Families Overcome Barriers to Homeownership with Down Payment Assistance

The Inland Empire Community Foundation (IECF) and Neighborhood Partnership Housing Services, Inc. (NPHS) are proud to announce the launch of the Inland Empire Down Payment Assistance Program. The program, which is now accepting applications, aims to close the wealth gap in Riverside and San Bernardino counties by making homeownership more accessible to low- and moderate-income families.

Thanks to a generous $1 million gift from U.S. Bank, this initial investment will assist IE families in moving closer to creating generational wealth and achieving greater financial security.

“Access to homeownership is a cornerstone of economic mobility, and U.S. Bank is proud to work with IECF and NPHS to make this a reality for more families in the Inland Empire,” said Rossina Gallegos, community affairs manager at U.S. Bank. “This $1 million contribution will help break down barriers and create opportunities for homeownership in underserved communities.”

In partnership with IECF, NPHS will lead the program’s implementation, which includes pre-purchase counseling, down payment and closing cost assistance, community outreach, and collaboration with local stakeholders. Specifically, the program will offer qualifying first-time homebuyers up to $40,000 in financial assistance.

Eligible homebuyers will receive a deferred zero-percent loan for 30 years, with no payments required during this period. This allows homebuyers to focus on building equity and financial security for their families. To apply, visit here https://nphsinc.org/iedpa/.

“We are thrilled to collaborate with U.S. Bank and NPHS to launch this transformative program,” said Michelle Decker, CEO of IECF. “By addressing the financial hurdles to homeownership, we can make a lasting impact on the lives of families and the economic health of our communities here.”

“This program advances our mission to promote sustainable homeownership and economic stability,” said Clemente Mojica, CEO of NPHS. “Through this community initiative, we strive to create life-changing opportunities for families who have long faced systemic obstacles to achieving the dream of homeownership.”

Low-income and underserved homebuyers in California’s Inland Empire are increasingly struggling to achieve homeownership as affordability continues to decline. A decade ago, in 2014, nearly half of Inland Empire families could afford to purchase a home, according to the California Association of Realtors. Today, that number has plummeted to just 30%. This stark decline reflects a dramatic increase in home prices and the income required to buy a home. In 2014, the median home price in the region was $267,000, with a minimum income requirement of $35,170. By 2024, the median home price had surged to $590,000, requiring a minimum income of $148,000—a fourfold increase in less than 10 years.

The Inland Empire Down Payment Assistance Program will be pivotal in addressing the affordability crisis, offering critical support to low-income and underserved homebuyers striving to achieve homeownership.

For more information about the Inland Empire Down Payment Assistance Program and how to apply, please visit  https://nphsinc.org/iedpa/ and iegives.org.