Salinas creates down‑payment assistance program using $1.03M in PLHA funds to help 8–10 households
Council approved a first‑time homebuyer mortgage down‑payment assistance program using about $1,034,137 in PLHA funds, offering deferred loans up to $125,000 (3% simple interest, forgivable under conditions) to eligible Salinas residents; staff expects to submit guidelines to the state and launch in spring pending HCD approval.
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The Salinas City Council voted unanimously Jan. 27 to establish a first‑time homebuyer mortgage down‑payment assistance program and to allocate approximately $1,034,137 in Permanent Local Housing Allocation (PLHA) funds from prior years.
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