SEC. 110.3. ESTABLISHMENT OF THE PROGRAM.

There is hereby created the Forgivable Loan for First-Time Homebuyers Program. The purpose of the Program is to widen the path to homeownership for communities that have been harmed through targeted economic disruption, displacement, and manufactured barriers to accumulating intergenerational wealth. Subject to the budgetary and fiscal provisions of the Charter, the Program shall provide down payment assistance, in the form of a forgivable loan, to qualified first-time homebuyers, to purchase a market-rate Primary Residence in San Francisco.

(Added by Ord. 56-24, File No. 230864, App. 3/22/2024, Eff. 4/22/2024, Oper. 5/22/2024)