SAN FRANCISCO (CBS SF) – San Francisco Mayor Ed Lee is doubling the amount the city and county is willing to lend to first-time home-buyers.
Lee announced the increase to San Francisco’s Down Payment Assistance Loan Program (DALP) Monday. DALP offers deferred-payment loans that require no repayment for 40 years, or at the re-sale of the unit. Starting this week, individual loans of up to $200,000 will be available to qualified buyers, city officials announced.
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“This down payment assistance program has assisted many working families in our City and will continue to support our diverse workforce that is so critical to our economy,” Lee said in a press release.
Access to the loan fund is limited. The fund currently has $2 million available for 2014, with an additional $1 million for first responders.
The money comes from a city-run loan pool launched 16 years ago…
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