THE National Asian American Coalition (NAAC) and the City of San Diego have forged a partnership in order to help San Diego Police District officers in purchasing their own homes by providing them with downpayment assistance.
As part of NAAC’s Homebuyer Down-Payment Assistance Program, this new program hopes to assist SDPD police officers (non probationary PO-I or higher) who do not currently own or have previously owned a home in the City of San Diego.
NAAC and the City of San Diego have joined forces on this project with contributing bank partners, including Mechanics Bank and Pacific Western Bank.
“Public safety is our number one priority,” San Diego City Councilmember Chris Cate told the Asian Journal. “Assisting our San Diego Police Officers with purchasing a home in the City of San Diego helps them establish roots in the communities they serve, and provides them with an additional incentive to join and stay with the San Diego Police Department.”
The program is looking at down-payment assistance in the form of a five (5) year, zero percent (0%) interest, subordinate loan to the qualified applicant and this down-payment assistance loan can be any amount between $10,000 and $50,000.
NAAC is a HUD-approved home counseling agency and the nation’s leading Asian American nonprofit advocating against foreclosures, advocating for greater economic and small business development and in advancing the growing economic and social power of Asian Americans.
Faith Bautista, president and CEO of NAAC and CEO of the National Diversity Coalition (NDC), has been at the forefront of providing comprehensive counseling and preparing clients for mortgages in diverse communities throughout California.
“Helping San Diego police officers is paying back to what they do for our people’s safety. They deserve to be helped and NAAC is here to make that happen,” Bautista told the Asian Journal.
Appointed by President Trump’s Administration in 2017, Bautista is currently serving a 4-year term as one of the five members in the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund Community Advisory Board, and a member of the advisory boards for Federal Communication Commission on broadband adoption and diversity, and for the California Utility Diversity Council.
The program is established with initial aggregate funds of $750,000, with $500,000 coming from Pacific Western Bank and Mechanics Bank and $250,000 City of San Diego allocation.
A collaboration among a nonprofit, city government, banks and the police department, the program has received extremely positive response with Cate saying that “Police officers feel valued that we are investing in them.”
“It’s a wonderful collaboration. Our partnership was just recognized by the San Diego County Taxpayers Association. We received a Golden Watchdog Award,” he added.
