City Will Give First-Time Buyers $200K

Ramona Avenue, near 15th Street. Photo by Esther Reyes

Ramona Avenue, near 15th Street. Photo by Esther Reyes

SF Gate reports that the mayor is ready to up the loan for some first-time buyers to $200K for a down payment.

“Our city’s middle class is deeply affected by the housing crunch – they make too much to qualify for our traditional affordable housing, but not enough to afford much of the new market-rate construction,” Lee said recently in announcing his plan to double the down-payment help.

Housing officials say Lee’s decision to double the maximum amount for which residents can qualify – and double the annual contribution that money is drawn from to $2 million – is a big step in the right direction. The loans don’t need to be repaid until a borrower sells or refinances. READ MORE.

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2 Comments

  1. John

    This is a great idea and far better than throwing welfare and subsidies at people. Rather, help them to help themselves.

    Interesting that the featured lady bought a home in a nice part of SF for 375K. Her monthly mortgage will probably be just a grand a month, approximately, after the tax breaks.

    Shows that housing and home ownership don’t have to be expensive in SF.

    • John

      Sorry, it wasn’t even 375K but 354K. I’m sure it’s tiny but she is now on the property ladder, and not even age thirty yet.

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