MONTEREY COUNTY — Starting Nov. 10, the ReCoverCA Homebuyer Assistance (HBA) Program will provide up to $300,000 per household to help Californians impacted by the 2023 and 2024 floods purchase homes in safer locations.
The financial assistance is provided as a Second Mortgage Loan, forgiven after five years of continued ownership and occupancy. Funds may be applied toward the down payment and closing costs, helping families bridge the gap between a First Mortgage Loan and the purchase price of an eligible home.
To qualify, applicants must have had their primary residence in a designated Qualifying Disaster Area at the time of the flood. During the first 60 days of the application period priority will be given to households that can demonstrate they were impacted by a flood event.
Designated Qualifying Disaster Areas are:
- 2023 Floods: Hoopa Valley Tribe in northeastern Humboldt County (ZIP Code 95546), Monterey County, San Benito County, Santa Cruz County, Tulare County and Tuolumne County
- 2024 Floods: San Diego County
Eligibility highlights include: primary residence located in a Qualifying Disaster Area at the time of the flood; household income capped at 80% of Area Median Income (AMI); first-time homebuyer status (no homeownership in past three years, with limited exceptions); home purchased must be in California, outside FEMA-designated Special Flood Hazard Areas and CalFire-designated High/Very High Fire Hazard Severity Zones.
“Helping families overcome the financial barriers to homeownership is essential for long-term recovery and economic stability in our region,” said Monterey County Supervisor Chris Lopez. “This program provides the support many need to move forward after months of uncertainty.”
The ReCoverCA HBA Program is provided by the California Department of Housing and Community Development as part of California’s Disaster Recovery Action Plan, funded by HUD and managed by Golden State Finance Authority. Since launching in June 2024, the program has helped more than 92 families become homeowners.
To receive updates or application notifications, visit gsfahome.org/recoverca-hba.
