Press Release

NEW GUIDELINES RAISE THE ROOF FOR HOME BUYING OPPORTUNITIES

March 29, 2003

SACRAMENTO, CA – In eight California counties, more homes are eligible and more homebuyers now qualify for special financial assistance, the California Housing Finance Agency (CalHFA) announced today.

CalHFA's Homeownership Programs provide affordable housing opportunities by offering below-market interest rate mortgage loans to low and moderate income first-time homebuyers. Raising the threshold on home sales prices and increasing income limits means strengthening the purchasing power for qualified new homebuyers.

"We're excited about expanding affordable housing opportunities to a broader segment of first-time homebuyers," says Theresa Parker, CalHFA Executive Director. "Especially since home buying continues to be a bright spot in the state's tough economic climate."

The new sales price limits are based on a survey of housing sales transactions, pursuant to procedures authorized in the Tax Act, to update "safe harbor" limits established by the IRS. Federal income limits were also recently revised under the provisions of the Tax Act.

The following California counties have increases in both existing resale and new construction income limits as well as sales price limits (see Attachment A):

  • Alameda
  • Contra Costa
  • Marin
  • Napa
  • San Benito
  • San Francisco
  • San Mateo
  • Solano

CalHFA – the State's affordable housing bank – was chartered 27 years ago to assist Californians to achieve the dream of safe, affordable and decent housing. Additional information on the full complement of CalHFA programs can be obtained by calling 1.800.789.2432 or visiting the web site at www.calhfa.ca.gov.

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