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Palm Springs staff outline $1M-a-year first-time homebuyer program; 20% initially reserved for Section 14 survivors
Summary
City staff described an upcoming first-time homebuyer assistance program funded by tourism-setaside funds; council asked for more outreach and market data before finalizing terms.
City staff presented a proposed Palm Springs First‑Time Homebuyer Assistance Program and recommended an initial agreement with Riverside County to administer the program.
Noe Arechiga, community development administrator, described a plan that would deploy $1,000,000 a year from hotel tax set‑asides agreed to in the city’s Section 14 restorative‑justice commitments. The program would be administered by Riverside County’s Department of Housing and Workforce Solutions (HWS) under an initial five‑year contract; staff negotiated a 10% administrative fee to cover underwriting, servicing and compliance.
Key program terms presented to council: down payment assistance of up to 50% of a home’s purchase price not to exceed $200,000 per household; a 15‑year…
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