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Board approves first reading of forgivable-loan program for first-time buyers amid amendments and committee referral
Summary
Supervisor Melgar introduced an ordinance to establish a forgivable-loan fund for first-time homebuyers and the Board of Supervisors passed the measure on first reading with amendments requiring the Human Rights Commission to consult with the Mayor's Office of Housing and Community Development; a duplicated, amended file was re-referred to the Land Use Committee for further review.
Supervisor Melgar introduced an ordinance to create a forgivable-loan program for first-time homebuyers and offered amendments to codify the Mayor's Office of Housing and Community Development's (MOHCD) role in administering the program. The Board passed the ordinance on first reading as amended and re-referred a duplicated, amended file to the Land Use Committee for additional review.
The measure would amend the Administrative Code to establish a Forgivable Loan for First-Time Homebuyers Program and a corresponding fund to assist low-, moderate- and middle-income first-time buyers. The text included provisions directing the Human Rights Commission (HRC) to publish program regulations and submit annual reports to the Board in consultation with MOHCD.
Why it matters: sponsors said the program aims to narrow intergenerational wealth gaps and increase homeownership…
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