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Displaced Fillmore residents to see funds

Submitted by News Desk on Wed, 09/01/2010 - 12:44pm
Source: 


SAN FRANCISCO — Financial assistance and training will start flowing to hopeful San Francisco homebuyers who were evicted in past decades when the Fillmore and Japantown neighborhoods were razed and redeveloped.

Scores of homes and other buildings were demolished by the San Francisco Redevelopment Agency in the 1960s and 1970s in the Western Addition redevelopment area.

Residents who were displaced from those homes are eligible to jump to the front of queues to buy low-income housing that is built by the Redevelopment Agency or city.

To help some of the thousands of affected former residents purchase homes in San Francisco, the Redevelopment Agency set aside
$4 million for low-income loan and savings programs.

Most of the $4 million will go toward housing loans that will only need to be repaid after the home is resold. The loans can cover up to half of a home’s purchase price.

But 10 percent of the funds were set aside for a savings program to be administered by nonprofit EARN, which provides training and other assistance to low-wage homebuyers.

To qualify for the savings program, homebuyers will need to attend financial and other training.

Supervisor Ross Mirkarimi, whose district includes the Western Addition, welcomed the program but said additional resources will be needed to help thousands of people who were evicted or relocated.

“This is good, but we need to be more vigorous in providing a greater reservoir of loans,” Mirkarimi said.


jupton@sfexaminer.com
Read more at the San Francisco Examiner: http://www.sfexaminer.com/local/Displaced-residents-to-see-funds-101944443.html#ixzz0yJCRMBPB
jupton@sfexaminer.com