First-time low and medium-income homebuyers could get help with downpayments, closing costs, and low interest deferred payment loans through $2.5 million in grant funding approved by the County Board of Supervisors.
The County accepted state grants for CalHOME and the Prohousing Incentive Program.
“We need to make housing more affordable for everyone,” said County Housing and Community Development Services Director David Estrella. “The average age of a first-time homebuyer in the nation is 40 years old, which is a record high. Here in San Diego it’s even more challenging to buy and maintain mortgage payments, illustrating a strain in the face of unaffordable housing options.”
CalHOME will help 20 low-income first-time homebuyers with a 30-year, 3% interest loans with deferred payments.
Today’s vote will allow the County to apply for funds through the Prohousing Incentive program. If awarded, these funds will provide low interest deferred payment loans to about 14 first-time homebuyers who make up to 120% of area median income. That would make eligible, for example, a household of two earning $125,550 or less, or a household of four earning $156,950 or less.
To learn more about eligibility and how to apply, please visit the Housing and Community Development Services website.
These programs advance the County Housing goals of Promoting Equity and Producing Housing for All by helping more families become homeowners and build generational wealth.
