The San Jose City Council's recent vote allows first-time homeowners, who participated in a 1990s home loan program, to increase their home equity from 70% to 85%. This change could provide an average profit of $48,600 per homeowner, enhancing their financial security. Mayor Matt Mahan advocated for the changes, emphasizing the need for affordable housing while enabling homeowners to benefit from their investments as retirement funds. The program's future is tied to a 30-year affordability period, ensuring continued access to affordable housing even after resale.
When somebody living in this home decides they want to leave for something else. They're ready to sell, they have this asset and we are significantly capping their upside - their equity.
According to more than one dozen loans due to the city this year, San Jose homeowners can regain an average of $48,600 in home equity.
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