The California Housing Finance Agency (CalHFA) recently announced that it has resurrected its School Facility Fee Down Payment Assistance Program (SFF). Despite the misleading sounding name, it is not a program to help school districts. Rather, it is targeted to help low- and moderate-income families purchase newly constructed homes in California. The assistance helps new home buyers fund their down payment, closing costs or any costs associated with their first mortgage loan. There are actually two components of the program. The first is aimed at first-time homebuyers. The second component promotes homeownership in specific economically distressed counties to any homebuyers.
In case you're wondering, the program name is derived from the nature of the program being a conditional grant based on the amount of school facility fees paid by the housing development builder. Clever, huh? For more information about the program, go to http://www.calhfa.ca.gov/homebuyer/programs/sff.htm.
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