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La Crosse caps mortgage assistance at 45% of sale price in replacement housing policy
Summary
The commission voted to limit mortgage assistance under the replacement housing program to no more than 45% of a home's sale price and to retain a forgivable third mortgage; staff said the change responds to rising home values and strain on CDBG and HOME funds.
The City Commission voted Wednesday to revise the replacement housing program so mortgage assistance provided through community development funds will be capped at 45% of a home's sale price, staff said. The change was approved unanimously.
Staff explained the change is intended to reduce the city's exposure after rising home values in recent years increased the amount of mortgage assistance required when replacement homes were sold. Under the prior policy, buyers were required to take out a minimum first mortgage (staff cited a…
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