Oceans >City might use development costs for loans

Oceans >City might use development costs for loans

OCEANSIDE, Calif. (KGTV) – The Oceanside City Council simply gave initial approval to a plan that will use town development costs in order to offer homebuyers assistance with their down payments.

City Councilman Christopher Rodriguez delivered the idea, that he calls the low-cost Market Purchase Program (AMPP).

“It is a win-win,” states Rodriguez. “and it’s really the quickest means, I think, to creating house ownership.”

Underneath the plan, people could borrow as much as 20% of the property’s selling price through the city. But, it could simply be applied to single-family domiciles as much as $600,000 or multi-family devices (townhomes and condos) as much as $450,000.

The amount of money originates from the town’s “In-Lieu” fund. That cash is a cost developers spend into the city if they do not include the necessary affordable housing in their project. Continue reading “Oceans >City might use development costs for loans”