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Federal Money Helps First-Time S.D. Homebuyers

— Federal stimulus money is helping some San Diegans buy their first home.

This undated photo shows a house in San Diego.

Sheila Davis is getting a pretty big Christmas present this year, one that covers about 1,300 square feet. Davis recently closed on a new townhouse which she bought through the San Diego Housing Commission’s first-time homebuyers program. San Diego received more than $9 million in federal grant money for the program. It passed that money on to the housing commission to administer it. Work on the home has prevented Davis from moving in yet, but it hasn’t damped her spirits.

“Oh god, I’m so excited! I was hoping to move in by Christmas, but there will be other Christmases I’ll be able to celebrate here in my new house,” she says.

Davis is one of 98 people approved so far for low cost loans made with the federal money. The program focuses on first-time homebuyers in the low-to-moderate income bracket.

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