Officials shelved the program, set up to help combat the
foreclosure crisis, due to turnover in the redevelopment
agency.
HOLLISTER
City officials are looking to give new life to a first-time homebuyer program previously proposed but shelved because of turnover in the Hollister Redevelopment Agency, Development Services Director Bill Avera said.
The former proposal was to lend low-income homebuyers $50,000 to be repaid at 1 percent interest for 45 years.
That program was put on hold due to turnover in the agency and rising home prices, Avera said. He said that rising house prices put many buyers in a position where even with the loan, they couldn’t purchase a home.
Redevelopment Program Manager Bill Chow is currently “developing guidelines for the housing program,” he said. Once the guidelines for the housing program have been developed, both Chow and Avera expect present it to the city council, they hope in a month or two.
Although there is no active housing program, Avera plans to make this available to families living below San Benito County’s median income.
