The Santa Clara County Board of Supervisors last week approved $25 million for a first-time homebuyer down payment loan program.
According to the county, the funds will reach about 250 homebuyers in the first five years by covering down payments of up to 17 percent of the home's value.
Santa Clara County voters approved Measure A in November 2016, leading to the creation of a $950 million affordable housing bond.
A portion of these funds were allocated to homebuyers in Santa Clara County whose income does not exceed 120 percent of the area's median income, which is $113,300, according to the California Department of Housing and Community Development.
County officials said loan assistance programs have declined in the past eight years, pushing residents to relocate from Santa Clara County and postpone purchasing a home.
The loan program doesn't require monthly principal or interest payments, according to the county. Buyers will repay the funds when the maturity date is reached, the home is sold, or the first mortgage is refinanced.
"Affordable housing has been one of Santa Clara County's biggest challenges for several years now, and it seems to get worse every month," Supervisor Ken Yeager said in a statement. "Our people are Santa Clara County's most valuable asset, and this program will help ensure that the county remains the vibrant, welcoming place to live that we all love."