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Council standardizes soft-second homebuyer loans, expanding aid using HOME funds
Summary
The council approved standardizing deferred second-loan amounts for first-time homebuyers and home-rehab buyers—$60,000 for a soft-second program and $75,000 for home-rehab loans—using HOME funds; members discussed eligibility limits and outreach.
The City Council approved changes to the city's soft-second loan program on Wednesday that standardize deferred second loans at up to $60,000 for first-time homebuyers and $75,000 for properties requiring rehabilitation, funded through the federal HOME program.
Housing department staff told the council the program is intended to make modest-priced houses affordable to households at or below 80…
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