Hey there! Navigating the journey to your first home can feel overwhelming, but Pasadena offers some fantastic resources to help make the process smoother. Let’s explore a unique program designed specifically for first-time homebuyers in our community.

Heritage Housing Partners (HHP)

Heritage Housing Partners (HHP) is a non-profit organization dedicated to building affordable homes for low-, moderate-, and workforce-income first-time homeowners. Since 1998, they’ve been committed to promoting long-term affordable homeownership through both the preservation of historic homes and the construction of new residences. Their developments blend high-quality new construction with the reuse of older buildings, ensuring that the architectural character of Pasadena is maintained.

Source of Funding

HHP relies on a combination of public and private partnerships to fund their projects. While homebuyers purchase homes at set affordable prices based on their income, this typically covers only about 50% of the construction costs. The remaining funding comes from government programs, private institutions, and individual donations.

Eligibility Criteria

To qualify for HHP’s programs, applicants should:

• Be first-time homebuyers.
• Meet specific income requirements, which vary based on household size and the particular project.
• Complete a homebuyer education course, which equips buyers with essential knowledge for successful homeownership.

Benefits

• Affordable Homeownership: HHP provides homes at prices below market rate, making homeownership accessible to those who might otherwise be priced out.
• Community Revitalization: By focusing on both new constructions and the preservation of historic homes, HHP enhances neighborhood aesthetics and fosters a sense of community.
• Supportive Services: Beyond just providing homes, HHP offers resources like homebuyer education workshops to ensure long-term success for homeowners.

Potential Drawbacks

• Limited Availability: Due to the nature of the program and funding constraints, the number of homes available can be limited, leading to potential waiting periods.
• Resale Restrictions: To maintain long-term affordability, there may be restrictions on the resale of the property, including caps on resale prices and requirements to sell to other income-qualified buyers.

Application Process

1. Join the Interest List: Start by signing up on HHP’s Interest List to receive updates about available homeownership opportunities.
2. Attend Workshops: Participate in homebuyer education workshops to gain a comprehensive understanding of the process and requirements.
3. Submit Application: When a suitable property becomes available, submit a formal application, including the necessary documentation to verify eligibility.
4. Selection and Purchase: If selected, you’ll proceed with the purchase process, guided by HHP’s team to ensure a smooth transition into homeownership.

For more detailed information and to begin the process, visit Heritage Housing Partners’ official website.

Program Availability

This program is available exclusively within the City of Pasadena, California.

Pros and Cons

Pros:

• Affordable Pricing: Homes are sold below market value, making them accessible to a broader range of buyers.
• Community Focus: Projects are designed to enhance and revitalize local neighborhoods.
• Educational Support: Mandatory workshops prepare buyers for the responsibilities of homeownership.

Cons:

• Limited Inventory: The number of available homes may not meet demand, leading to waiting periods.
• Resale Limitations: Restrictions may apply when selling the home in the future to ensure ongoing affordability.

Application Process

1. Interest List Registration: Sign up on HHP’s website to receive notifications about upcoming opportunities.
2. Educational Workshops: Attend required homebuyer education sessions.
3. Application Submission: Provide necessary documentation to verify eligibility when a property is available.
4. Purchase Process: If approved, proceed with the guided home purchase process.

Program Type

This program offers affordable homeownership opportunities through the sale of homes priced below market value.

Program Timeline

Heritage Housing Partners has been active since its founding in 1998 and continues to develop new projects as opportunities arise.