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County Gets $5.1 Million to Ease Foreclosure Crisis

Home Buyers: Learn About Foreclosure Funds

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March 17, 2009

The County Department of Housing and Community Development will be available to meet with the public at the free “Road to Homeownership Fair” in El Cajon this Saturday, March 21.

Housing and Community Development recently received more than $5.1 million in funds from the Federal Neighborhood Stabilization Program to help home buyers purchase properties in communities hit hard by foreclosures.

Funds are available for eligible families with incomes up to 120 percent of the area median income, or AMI, level which is $94,800 for a family of four. The program provides low-interest loans up to $50,000 per family. An additional $12,500 is available for energy efficiency and conservation improvements on purchased homes. Properties may be single-family detached homes, town houses, condominiums or manufactured homes on permanent foundations.

The fair is from 10 a.m. to 2 p.m. Saturday, March 21 at the Ronald Reagan Community Center at 195 East Douglas in El Cajon (Google Map). The event is presented by the Housing Opportunity Committee from the East San Diego County Association of Realtors in cooperation with the city of La Mesa, Guild Mortgage Company, U.S. Dept. of Housing and Urban Development, Springboard Consumer Counseling and Wells Fargo Home Mortgage.

For more information about affordable housing, please visit the Housing and Community Development Web site at

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