Home Ownership Programs

What is the HOP?

The Los Angeles County Development Authority (LACDA) offers the Home Ownership Program (HOP), which is financed with HOME funds provided by the U.S. Department of Housing and Urban Development (HUD). It is a down payment assistance program that was designed to assist lower-income home buyers in financing and purchasing a new home.

What does the HOP do?

The HOP80 and HOP100 provide a second mortgage loan for qualified first-time homebuyers. HOP80 offers an assistance amount of up to $100,000 or 20% of the purchase price, whichever is less. HOP100 offers an assistance amount of up to $85,000 or 20% of the purchase price, whichever is less. The loan provides assistance with down payment and/or closing costs and is secured with a Deed of Trust and Promissory Note. The loan accrues 0% interest with deferred repayment and shared equity. When the home is sold, there is a transfer of title, or the home is no longer owner-occupied, the homebuyer repays the loan, plus a share of the appreciation.

Do I qualify for HOP?

The HOP is available for existing, new construction, approved short-sales, and real-estate-owned (REO) properties. The homebuyer must not have owned a home (for personal or other use) in the last three years, and the home must be owner-occupied.

There are two programs within the HOP, the HOP80 and HOP120. The HOP80 is for household annual income that does not exceed 80% of the Area Median Income (AMI) for Los Angeles County, and the HOP120 is for household annual income that does not exceed 120% of AMI for Los Angeles County.

See below table for specified income limits for 2024:

How do I apply?

To apply, contact one of the approved HOP participating lenders under the “Contact a Participating Lender” tab on the County’s HOP webpage to start the process of getting pre-qualified. For more information or questions, please contact HOP@lacda.org.

HOP applications are accepted on a first-come, first-served basis.

Are there any other requirements?

If approved, a homebuyer must complete an eight-hour education course in home ownership from an approved U.S. Department of Housing and Urban Development counseling agency. For a list of counseling agencies, visit www.hud.gov.

Please note: At this time, La Cañada Flintridge is not an eligible area (Participating City) in which a home can be purchased using the Mortgage Credit Certificate Program (MCC). La Cañada Flintridge may become eligible in the future, so please check back with us periodically.

What is the MCC?

The Tax Reform Act of 1984 authorized the Mortgage Credit Certificate Program. The Program is currently available through The Los Angeles County Development Authority (LACDA). It provides financial assistance to first-time homebuyers with federal income tax credits, which reduce an individual’s tax payments by an amount equal to the credit. The maximum tax credit available is 20% of the annual interest paid on the mortgage, which reduces the borrower’s federal tax liability. By doing so, this program essentially provides the homebuyer additional income to be used towards their mortgage payments.

Is my property eligible?

At this time, La Cañada Flintridge is not an eligible area (Participating City) in which a home can be purchased using the MCC. For a list of eligible unincorporated areas and Participating Cities, please visit the County Mortgage Credit Certificate Program webpage (lacda.org).

In eligible areas, a property purchased using the MCC must be a single-family home or condominium. Current purchase price limitations for LA County are specified in the table below:

Do I qualify for the MCC?

The MCC is available for first-time homebuyers with no ownership interest in real estate at any time in the past three years. The homebuyer must not have a household annual income exceeding program guidelines. Additionally, applicants may buy a residence only for their own occupancy, not for rental or reinvestment and occupancy must be within 60 days of the close of escrow.

See the below table for specified income limits for LA County:

¹ Annualized gross income is current gross monthly income multiplied by 12
² Income includes the income of both spouses, whether or not both spouses will be on title

How do I apply?

To apply, contact one of the approved MCC participating lenders under the “Step 5: Contact a Participating Lender” tab on the County’s MCC webpage to start the process of getting pre-qualified. For more information or questions, please contact Teresa Ramirez, MCC Administrator at Terese.Ramirez@lacda.org or Am Vuong, MCC Program Supervisor at Am.Vuong@lacda.org.

Are there any other requirements?

If approved, a homebuyer must complete an eight-hour education course in home ownership from an approved U.S. Department of Housing and Urban Development counseling agency. For a list of counseling agencies, visit www.hud.gov.