LaMalfa said in the announcement that $750,000 in non-taxpayer dollars for down-payment assistance went to middle-income home buyers this year.
The private funding was designed and funded by the Federal Home Loan Bank of San Fransisco. Fifteen 50,000 dollar grants went to buyers in LaMalfa’s District 1 across the North State alone.
This funding addressed the “missing-middle”- teachers, firefighters, farmers, and factory workers. It was launched in May of this year with plans to continue assisting. CEO and president of FHL Bank San Francisco said they “are committed to continuing to funnel critical funding into the heart of the communities.”
LaMalfa contributes the expensive home market to “increasing costs of building materials, ongoing labor shortages, rising construction costs from increased regulations, and increasing rates.”
In California, The median price for a single-family home is nearly 850,000, according to September data from the California Association of Realtors (CAR). That’s more than double the nationwide median of just under 400,000.
