South County Homebuyer Initiative introduced

King County Executive Ron Sims today celebrated the kickoff of the South King County Homebuyer Initiative in Auburn as yet another partnership between government and the private and non-profit sectors that will help make home ownership a reality. "Buying a home remains the American Dream," Sims said. "But almost daily we read how that goal is getting beyond the reach of so many, especially those with modest or lower incomes. This program is aimed at giving those South County residents who want to own a home one more option." South County cities of Auburn, Federal Way and Kent join King County in contributing a total of $640,000 to create a purchase assistance loan fund. The fund will assist modest income working families acquire their first homes. In addition, King County will continue and enhance its Open Door Loan program for first time homebuyers. To be eligible, potential homeowners must receive education and counseling prior to applying. They will then receive assistance in making the actual application. Loans from $5,000 to $25,000 will be available to first time homebuyers. As a key part of this program, a South King County Education Office will be created, to better serve South King County residents and to expand the homebuyer education and counseling services in that area. Helping to make the initiative work is HomeSight, a non-profit community development corporation that will underwrite and service loans originated from the fund and will provide the education and counseling component of the program. Other partners include the Homebuyer Education Partnership; Washington State Housing Finance Commission; Continental Savings Bank; US Bank; Fannie Mae, and the Local Initiative Support Corporation, and these groups bring more than $100,000 in private contributions to support the education and counseling component of the South King County Home Buyer initiative. The Initiative is part of Sims' SmartGrowth Initiative, in which creating livable communities with affordable housing is a key element. King County will have, by the end of 2000, added more than 1,500 housing units to the market. For more information on this program, or to begin the application process, please contact HomeSight of South King County by calling (253) 813-9734.

The first person to buy a home through this housing initiative, Sylvia Benavides, with (from left to right) Federal Way Mayor Ron Gintz, Auburn Mayor Chuck Booth, and Executive Ron Sims. Sylvia Benavides next to a photo of the home she was able to buy through the South King County Homebuyer Initiative. "Buying a home remains the American Dream. This program is aimed at giving South County residents of modest or lower incomes who want to own a home one more option." King County Executive Ron Sims The full news conference can be seen on the City of Kent government access TV, Channel 28. Related info: South King County Homebuyer Initiative fact sheet SmartGrowth Initiative Contacts: For more information on this program, or to begin the application process, please contact Angela Eason-Ceaser, Affordable Housing Officer for HomeSight of South King County, at (253) 813-9734, by fax at (253) 813-9858, or by writing 25022-104th Ave. SE, Suite C, Room 3, Kent, WA 98031.

Updated: Feb. 16, 1999