FOR IMMEDIATE RELEASE
Thursday, June 10, 2021
SAN DIEGO – Today, the City of San Diego’s Land Use and Housing Committee heard an informational item regarding the City of San Diego’s First-time Homebuyer Program, which assists families with the purchase of a single-family home, townhome or condominium in the City of San Diego and is administered by the San Diego Housing Commission.
Councilmember Moreno expressed her support for this program and for exploring the creation of a Moderate-Income Purchase Assistance Program, which would provide loans to make up the difference between the purchase price plus closing costs and the amount of the homebuyer’s loan or down payment. The program would be open to moderate income households earning 81%-150% of the AMI- with more assistance available for people under 120% AMI.
“The rising cost of housing is far outpacing people’s income and the dream of owning a home is becoming more and more unreachable for middle class families,” said Councilmember Moreno. “Our current program should be expanded to include assistance for first time homebuyers that are considered moderate income. This has been done elsewhere and the programs have been popular.”
Councilmember Moreno will work closely with the San Diego Housing Commission to return to the Land Use and Housing Committee with a proposal for a Moderate-Income Purchase Assistance Program in the coming months. More information on the City’s existing First-time Homebuyer Program can be found here.