MOORPARK : Council to Consider Home Buyer Loans
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The Moorpark City Council tonight will consider setting up a $10-million fund to provide low-interest loans to first-time home buyers.
Using its authority as the city’s Redevelopment Agency, the board can request a portion of a state bond that would cover the cost of the program, said Richard Hare, assistant city manager.
If the program is approved by the council and the state approves the request, loans would be available to first-time buyers in the city, Hare said.
To qualify, applicants cannot earn more than the median income in the county. For instance, a single person or couple cannot earn more than $57,900 to be eligible. The highest price of housing that could be purchased under the program is $231,120.
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