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Council standardizes soft-second homebuyer loans, expanding deferred second loans for low-income buyers
Summary
The council approved changes to the city's soft-second and home-rehab loan programs to standardize loan amounts and extend zero-interest deferred seconds, aimed at increasing first-time homeownership for low- and moderate-income buyers; the measure passed unanimously.
The City Council voted 12-0 to standardize the city's deferred second-loan programs for first-time homebuyers and rehabilitation purchases, increasing the maximums to improve affordability for households earning up to 80% of area median income.
City staff described the change as standardizing the soft-second program "at $60,000" for purchase loans and "$75,000" for home-rehab…
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