Establishes a home-buyer assistance program for police officers, firefighters, public school teachers, corrections officers, and sanitation workers.
The bill establishes the "Police Officer, Firefighter, Public School Teacher, Corrections Officer, and Sanitation Worker Home-buyer Assistance Act." It creates a program to provide down-payment assistance in the form of zero percent interest rate second mortgage loans of $10,000 to qualified applicants. These loans can be used for down payments and closing costs on single or two-family homes. The loans are forgiven at a rate of 20% per year for five years, provided the employee maintains the home as a primary residence.
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- Critical Issues
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