City Announces Funds for Low and Moderate Income Homebuyers

City Announces Funds for Low and Moderate Income Homebuyers Mayor Newsom Announces Down Payment Assistance Loan Program (DALP) Funds Available August 1st For First Time Low And Moderate Income San Francisco Homebuyers

Mayor Gavin Newsom announced today that the Mayor’s Office of Housing will once again begin taking applications for down payment assistance loans beginning August 1st. The DALP is a revolving loan fund that assists low and moderate income first time homebuyers in purchasing market rate homes in San Francisco. Last year, due to overwhelming demands on the fund, the Mayor’s Office of Housing temporarily restricted available funds to only those purchasing properties through short sales or in foreclosure. Because of repayments into the fund, the Mayor’s Office of Housing will once again make down payment assistance loans to anyone who qualifies purchasing any market rate single-family unit in San Francisco.

“Owning a home in San Francisco need no longer be a dream out of reach for hundreds of low and middle income families,” said Mayor Newsom. “Our down payment assistance loan program can help families achieve homeownership at a time when homes in San Francisco are more affordable than at any time in recent memory.” Read more.

Posted on July 14, 2010 | The comments to this entry are closed.