CAR votes for affordable housing programs to counter rising prices

  • CAR Board of Directors voted in favor of a $1.3 billion proposal by California Assembly members to provide homeowner assistance.
  • $500 million is proposed to fund rental housing for lower income working families making 60 percent or less of the area median income.
  • $400 million is going toward down payment assistance and homeownership assistance for California residents making 120 percent of the area median income.

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According to a recent report released by Apartment List, saving up to buy a home in Los Angeles or San Francisco is increasingly challenging. First-time homebuyers, if they continue to save at the same pace, will have to wait 20 years to buy a home in Los Angeles and nearly 28 years in San Francisco.