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State to aid homebuyers
Published 12:00 am PDT Tuesday, July 22, 2008
Story appeared in BUSINESS section, Page D1
Gov. Arnold Schwarzenegger on Monday announced a $200 million program designed to help first-time California homebuyers purchase homes in communities hardest hit by foreclosure.
Under the Community Stabilization Home Loan Program, prospective buyers will be eligible for below-market interest rate loans to purchase foreclosed homes in areas identified as having some of the state's highest foreclosure rates.
The program, which will be run by the California Housing Finance Agency, is expected to affect buyers in portions of San Joaquin, Contra Costa, Stanislaus, Merced, Alameda, Los Angeles and Riverside counties. CalHFA estimated the program will help up to 1,000 people buy a home.
For more information: www.calhfa.ca.gov.
– Mark Glover
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