Fresno mayor announces partnership with bank to help homebuyers

FRESNO, Calif. (KFSN) -- Purchasing a home in Fresno's red-hot market can seem like a daunting task.

That's why the city is offering programs to help buying a home more affordable.

On Friday, Mayor Jerry Dyer announced a collaboration with Bank of America, offering grants to help with down payment and closing costs.

"What people are in need of today is security," he said. "They want to know in four years they can afford the payment that they're making."

In the Fresno area, buyers under the income and purchase price limits can receive a grant for 3 percent of the home's purchase price up to $10,000.

That money will go towards a down payment.

The second grant for $7,500 can be used for closing costs.

Right now, there are more than 200 properties on the market in Fresno that would qualify.

Plus, no repayment is required on these dollars. It's an opportunity the bank's regional president wants to bring more awareness to.

"I live here, my teammates lead here," says Mark Riley. "We have had and will continue to have a vested interest in our community and want to see our community thrive. See those residents of our community benefit from that from programs like this."

ABC30's Data Journalism Team looked at home-ownership rates in the Fresno area and found huge disparities.

As of last year, 67 percent of white families own their homes, compared to 44 percent of Latino families and just 27 percent of Black families.

Deputy Mayor Matthew Grundy says the city is focusing on solutions -- like this grant program.

"Our housing strategy focused on two key things," he said. "One, to share our need specific to Fresno amongst the residents here and their need for housing across the continuum can. Then to invite everyone in the community to be part of the solution."

This grant program aligns with his One Fresno Housing Strategy.

Dyer says the city will be launching its own down payment assistance as soon as August.

For more information, click here.

For qualified homes, click here.