Oceanside city housing officials have gotten the green light to apply for $40 million in state mortgage subsidy bonds that will provide low-cost housing for first-time homeowners.
On a 4-1 vote with Councilman Sam Williamson opposed, the council Wednesday authorized the city’s housing director to apply for the bonds and implement the Oceanside Home Mortgage Finance Program. To qualify for the program, a couple must have a combined income of $40,000 or less and must be judged capable of meeting monthly payments on the 30-year, 10.6% fixed-rate loans.
Under a similar revenue bond program launched in 1983, about 500 first-time buyers are receiving low-interest mortgages, Richard Goodman, the city’s housing director, said.
In a related action, the council declared its intent to process $51 million in mortgage revenue bonds to finance a multifamily rental project known as the Seaview Ridge Apartments. About 20% of the 660-unit development in east Oceanside will be for lower-income tenants.