City Will Give First-Time Buyers $200K

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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  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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