SAN DIEGO (CNS) – A San Diego County supervisor will introduce a first-time homebuyer pilot program focused on down-payment assistance, interest-rate buy-downs and partnerships during the regular Tuesday meeting.<\/p>\n
Supervisor Jim Desmond’s proposal includes directing Chief Administrative Officer Ebony Shelton’s office to assess how the program would benefit new homebuyers in the unincorporated area.<\/p>\n
That analysis would cover:<\/p>\n
opportunities for public-private partnerships, including financial institutions as a way to secure better terms for applicantspotential down-payment assistanceinterest rate options to improve mortgage affordabilitycriteria designed to complement two existing first-time programs that help with down payment and closing costs, and down payments for moderate- income residentsan estimate of how much the program would cost, along with safeguards and strategies to lower risk<\/p>\n
The CAO and staff would report back to the Board of Supervisors within 120 days.<\/p>\n
Desmond briefly discussed the proposal during his final State of North County speech on March 12.<\/p>\n
His board letter states that data from the California Association of Realtors shows that only 13% of county households can afford to purchase a median-priced home as of last year.<\/p>\n
Along with home prices, factors such as stagnant wage growth, limited inventory and higher interest rates “have combined to push homeownership out of reach for a significant portion of the local population,” Desmond stated in the board letter.<\/p>\n
In a video promoting the measure, Desmond said “the very people who serve our communities are being priced out.”<\/p>\n
He added that owning a home “isn’t about property — it’s about dignity, it’s about stability. It’s also about giving families a foundation to build wealth and put down roots.”<\/p>\n
Desmond, first elected as the District 5 supervisor in 2018, will complete his second term in January. The Republican is running for Congress in the 48th Congressional District, seeking to succeed Rep. Darrell Issa, R- Bonsall.<\/p>\n
The proposal is item No. 25 on the board agenda. The meeting will begins at 9 a.m. in the Board Chamber of the county Administration Building, 1600 Pacific Highway.<\/p>\n
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