Down Payment Assistance

Our goal to help more people get on the housing ladder is genuine, and that is why we have created a down payment assistance program. The Dana Reserve, through a donation to a nonprofit, will offer $3.2MM in down payment assistance for qualified first-time buyers. This program will be overseen by People’s Self Help Housing and Community Foundation San Luis Obispo.

How will this program work? 

Qualified first-time buyers in neighborhoods 2-6 will contribute the maximum they are able, but at least 1.5% of the home price, and Dana Reserve will assist with 3.5-10% of the purchase price for the down payment. 

This assistance will have 0% interest and no monthly payments. It is only repaid upon future refinancing or sale, if proceeds allow. The repaid money would then be used to assist other first-time buyers in the county. 

The concept is to use this model to grow housing assistance throughout the County through perpetual replenishing and other donations to Community Foundation San Luis Obispo. ​

If all funds are not used by the project, all remaining monies will go to support increased attainability of housing throughout SLO County.

Are you interested in this assistance program? Please add your name to our list!