Downtown Home Ownership Rates Stagnant

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(Sacramento, CA)
Tuesday, May 29, 2007

The Sacramento Housing and Redevelopment Agency says homeownership rates in Downtown Sacramento have remained stagnant at 12% since 1990. Lisa Bates with the agency told city council members Tuesday they’ll need to double that rate to make downtown flourish. And Bates says they’ll need to target households earning less than $62,000. 

"Modest home buyers, as we define here between $36,000 - $62,000, will have a difficult time purchasing a home in the downtown as well as in the city in general and we need to continue to look for non traditional ways to assist in modest homeownership."

Bates says that includes grants to help with down payments and working with banks to lower interest rates.