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Placer County expands first-time homebuyer down-payment assistance, removes loan-committee oversight
Summary
The Board of Supervisors approved amendments to the county's first-time homebuyer program to raise down-payment assistance, allow layering of multiple funding sources and create administrative extensions; staff said the program has roughly $2.6 million in restricted housing funds and has approved 15 households to date.
The Placer County Board of Supervisors on Feb. 17 adopted changes to the county's first-time homebuyer program to increase maximum down-payment assistance, allow layering of eligible funding sources and establish an administrative extension policy for approved buyers.
County staff told the board the program launched last May and received more than 100 applications; staff processed about 90 of those applications and 15 households have been approved to use the program. Staff described the funding as restricted state housing dollars and program income, citing about $500,000 from a HOME program,…
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