April 16, 2012
SACRAMENTO, CA – A program that has helped more than 14,000 California families become homeowners has ended after distributing more than $61 million and helping support $6.2 billion in economic activity.
The California Housing Finance Agency said today its School Facility Fee Down Payment Assistance Program, funded by SB50, Propositions 46 & 1C, and investment returns, has distributed its final available funds.
For the past 12 years, this program has aided qualified homebuyers who were purchasing newly constructed homes in California. The program provided a conditional grant based on the amount of school facility fees paid by the home's builder. The assistance helped new homebuyers fund their down payment, closing costs, or any costs associated with their first mortgage loan.
"This program leveraged bond money to support billions of dollars in economic activity in the state of California," said Claudia Cappio, Executive Director for the California Housing Finance Agency. "This is a great example of how we can be a catalyst for promoting homeownership as well as supporting the California economy."
Participants were able to get assistance if they were a first-time homebuyer or purchased a home in a designated, economically distressed area. Since it began in 2000, a total of 14,370 California families have benefitted from this program, with an average grant of about $4,200.
"The School Facility Fee program has helped thousands of Californians achieve the dream of homeownership," said Mike Winn, President and CEO of the California Building Industry Association. "Home builders in California are sorry to see it go, and we hope that other programs will rise to take its place."
Contact: Kenneth Giebel
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