What is AC Boost?
AC Boost is a down payment assistance loan program designed to help households afford to buy a home in Alameda County. The program is administered by Alameda County Housing and Community Development ("HCD") with funding provided by county voters through Measure A1. AC Boost is managed by nonprofit organization Hello Housing.
AC Boost gives buyers a boost, providing loans that are intended to bring home-ownership within reach of households who would otherwise not be able to afford a home. AC Boost provides loans of up to $150,000 (depending on buyer income and need). Loans are interest free and have no monthly payment during the time that a household owns their home. Instead, the program requires repayment only when (1) the home is sold, (2) when the owner would like to take cash out of the home in a refinance (3) the owner no longer wishes to occupy the home or (4) when the 30-year loan term ends. At time of payoff, the owner repays the amount that they borrowed plus a proportional share of the increase in the value of their home.
For example: if the AC Boost loan was for 15% of the home purchase price, the homeowner would repay the original loan amount plus 15% of any increase in the home’s value.
This allows AC Boost funds to continue to serve new households as home prices rise in Alameda County. At the same time, the program allows the homeowner to benefit from a meaningful share of the appreciated price. A win-win.
To ensure taxpayer dollars are being used for their intended purpose, homes purchased with AC Boost loans will be monitored by Hello Housing to ensure that they remain owner-occupied at all times and meet program requirements.