Purpose of Program. The ReCoverCA Homebuyer Assistance (DR-HBA) Program is a financial assistance program developed by the California Department of Housing and Community Development (HCD) in response to the devastating wildfires and other declared disasters that impacted the State in 2018 and 2020. With the DR-HBA Program, HCD aims to provide an option to enable low- and moderate-income (LMI) residents of the Most Impacted and Distressed (MID) California counties (homeowners or renters) to relocate outside of high fire zone areas. The Program provides homeownership assistance in the form of a forgivable loan, up to $350,000. The Homebuyer Assistance (HBA) is designed to cover the funding gap between the First Mortgage Loan amount and the purchase price of a home.
Appears in 2 contracts