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Council cuts city's historic equity share in first-time homebuyer loans from 30% to 15%
Summary
Facing a decades-old portfolio of 438 equity-share loans, the council voted to reduce the city's share of earned equity on resale from 30% to 15% to increase sellers' net proceeds while retaining affordability restrictions until 30 years elapse.
The San Jose City Council on April 8 approved a staff proposal to reduce the city's equity-share portion in the long-standing First Time Homebuyer Loan program from 30 percent to 15 percent for loans that trigger a resale, staff said.
Housing Director Eric Sullivan and Deputy Director Banu San presented the analysis. Sullivan summarized the policy trade-offs and historical context, saying the program started more than 30 years ago and that the city's original documents intended these units to remain affordable over time. "What is proposed here is to reduce…
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