A San Diego County supervisor will introduce a first- time homebuyer pilot program focused on down-payment assistance, interest- rate buy-downs and partnerships during the regular Tuesday meeting.
Desmond's proposal includes directing Chief Administrative Officer Ebony Shelton's office to assess how the program would benefit new homebuyers in the unincorporated area.
That analysis would cover:
—opportunities for public-private partnerships, including financial institutions as a way to secure better terms for applicants;
—potential down-payment assistance;
—interest rate options to improve mortgage affordability;
—criteria designed to complement two existing first-time programs that help with down payment and closing costs, and down payments for moderate- income residents; and
—an estimate of how much the program would cost, along with safeguards and strategies to lower risk.
The CAO and staff would report back to the Board of Supervisors within 120 days.
Desmond briefly discussed the proposal during his final State of North County speech on March 12.
His board letter states that data from the California Association of Realtors shows that only 13% of county households can afford to purchase a median-priced home as of last year.
Along with home prices, factors such as stagnant wage growth, limited inventory and higher interest rates "have combined to push homeownership out of reach for a significant portion of the local population," Desmond stated in the board letter.
In a video promoting the measure, Desmond said "the very people who serve our communities are being priced out."
He added that owning a home "isn't about property — it's about dignity, it's about stability. It's also about giving families a foundation to build wealth and put down roots."
Desmond, first elected as the District 5 supervisor in 2018, will complete his second term in January. The Republican is running for Congress in the 48th Congressional District, seeking to succeed Rep. Darrell Issa, R- Bonsall.
The proposal is item No. 25 on the board agenda. The meeting will begins at 9 a.m. in the Board Chamber of the county Administration Building, 1600 Pacific Highway.
