Oceans >City might use development costs for loans

Oceans >City might use development costs for loans

OCEANSIDE, Calif. (KGTV) – The Oceanside City Council simply provided approval that is preliminary a plan that would utilize town development charges in order to offer homebuyers assistance with their down payments.

City Councilman Christopher Rodriguez provided the concept, which he calls the low-cost Market Purchase Program (AMPP).

“It’s a win-win,” states Rodriguez. “and it is the quickest means, in my experience, to making house ownership.”

Beneath the plan, individuals could borrow as much as 20% of the house’s selling price through the town. But, it may simply be applied to single-family domiciles as much as $600,000 or units that are multi-familytownhomes and condos) as much as $450,000.

The amount of money originates from the town’s “In-Lieu” fund. That cash is a cost designers pay into the town if they do not include the necessary housing that is affordable their task.

Rodriguez states the town presently has about $6.7 million within the fund. Continue reading “Oceans >City might use development costs for loans”