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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