Home Loan Program Aims to Help Neighborhoods Hit By Foreclosures
Governor Schwarzenegger says a new state-run home loan program can help neighborhoods devastated by foreclosures.
Monday, July 21, 2008
Governor Schwarzenegger stood in front of an empty house in a Stockton neighborhood to announce the Community Stabilization Home Loan program.
“We want to fill up these empty homes and neighborhoods with stability and create energy in these neighborhoods…”
The bond-funded loans will be made to first-time homebuyers to purchase houses in neighborhoods hardest hit by foreclosures. Those include zip codes in Riverside, San Joaquin and Merced counties. Terrie Parker is the Executive Director of the California Housing Finance Agency that’s running the program. She says up to one-thousand homebuyers could benefit.
“First time homebuyers will not only get a reduced sales price but a reduced special interest rate on their mortgage.”
The 200-million dollar program will be offered until all of the money is lent. California has been one of the most heavily impacted states—with some of the highest numbers of foreclosures.