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Supervisors approve $5 million supplemental appropriation for down-payment-assistance program on first reading
Summary
The Board of Supervisors approved on first reading a $5 million supplemental appropriation to the Down Payment Assistance Loan Program (DALP). Mayor's Office of Housing staff described program eligibility and shared-appreciation repayment; public speakers urged a $2 million set-aside for foreclosure prevention.
The board heard public comment and proposals before voting to appropriate $5 million from the general fund to the Down Payment Assistance Loan Program (DALP). Supervisor Sandoval introduced the item and asked the budget analyst and Mayor's Office of Housing to explain program details and anticipated effects.
Budget analyst Christine Martin told the board that in 2005–06 the program averaged about 45 loans annually at an average loan amount of approximately $55,000 (about $4.9 million over two years). She said program changes shifted some loans from below-market units to market-rate purchases and that for 2007 average loan amounts had risen to about $118,000. Martin concluded that the requested $5 million, added to about $2.1…
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