Assistance Programs Help Buyers With Interest-free loans

							Assistance Programs Help Buyers with Interest-free Loans
March 12, 2009
By Alicia Robinson
The Press-Enterprise

Inland home prices have attracted many an Orange County expatriate. Hospital technician and
Iraq War veteran Brian Taylor settled in Corona because of one particular perk: the city's offer of
an interest-free loan of up to $75,000.
After signing the papers last week for a house on Blackpine Drive, Taylor has become one of
Corona's newest residents and the first person to use the latest incarnation of the city's
homebuyer assistance program.
"I really liked this neighborhood because it's kind of like this little island of houses," Taylor said
in an interview at the four-bedroom house he's fixing up. "The day I saw this, I'm like, 'OK, I'm
home.' "




David Bauman / The Press-Enterprise
Iraq war veteran Brian Taylor, 42, is the first person to take advantage of Corona's first-time homebuyer assistance program.
Riverside County's economic development agency also plans to spend $6.9 million over two years on first-time buyer programs

The city has committed about half of the $1.5 million pledged to the first-time homebuyer
assistance program. Taylor is the first city-assisted buyer to close escrow, and about half a dozen
more should close escrow by early April, said Jesus Morales, housing manager for Corona's
redevelopment agency.
The program has been so popular that city officials will consider putting another $1.5 million
toward it once the first pot of funding is gone, Morales said.
With a flood of foreclosures on the market and falling home prices, other Inland government
agencies that offer homebuyer assistance say they're seeing the same high demand as Corona.
Riverside County's economic development agency is spending $6.9 million over two years on
first-time buyer programs. The agency assisted 63 families last year and projects 81 families this
year, said spokesman Tom Freeman. Since July, the city of San Bernardino has helped 55
families and spent almost 90 percent of the $3 million set aside for first-time homebuyers,
Assistant Project Manager Lisa Connor said.
Putting Down Roots

Taylor, a 42-year-old Southern California native, put in six offers before landing his four-
bedroom 1963 home. He is moving to Corona from a rented house in Anaheim and will
commute to his job at St. Joseph Hospital in Orange.
After his National Guard unit's 18-month tour in Iraq ended in June, Taylor decided he was ready
to put down roots. He went to Iraq during Operation Desert Storm operation. On his latest trip he
was part of an air assault infantry unit that provided convoy security, so he was always traveling,
he said.
"I saw more of that country than I have of my own," Taylor said. "One day we'd be up in Tikrit
in northern Iraq, the next day we'd be in Basra in southern Iraq."
This fall Taylor hopes to start nursing school, a goal that was put off when his guard unit was
called up two years ago. Until then he'll be working on the house, which is getting paint, new
floors and molding, replacement windows and other upgrades.




David Bauman / The Press-Enterprise
Brian Taylor is fixing up the 2,000-square-foot home he purchased in Corona with the help of a first-time homebuyer program.
Economy Helps

The $200,000 Taylor paid for the house was less than the asking price, so with the city's down
payment assistance and his veteran's loan, it turned out to be a pretty good deal, he said.
Taylor is also taking advantage of economic conditions to get the house fixed up. He bought
appliances from someone who was being evicted, and he used Craigslist to find out-of-work
contractors to redo his ceilings.
Taylor and his two small dogs will have plenty of space in the 2,000-square-foot home.
"Do I need a house this big being single? Maybe not, but if I ever do decide to get married it
affords me room to grow," he said.
Responsibility


He likes Corona because it has character and is away from the bustle of Orange County, he said,
but he can still get to his job and the ocean easily.
Being a first-time homeowner is exciting, but also a big responsibility, Taylor said.
Morales hopes to convince more first-time buyers to take on that responsibility. In addition to the
money Corona already has committed to homebuyer assistance, Morales expects about $1.8
million to be devoted to low-income buyers.
A federal program granted the city $3.6 million to buy foreclosed homes to improve and resell.
Morales said that program ultimately could help make several hundred houses available to
qualified buyers