Poway’s First Time Home Buyer Program
The Supporting Home Ownership in Poway (SHOP) Program bridges the financial gap between the maximum amount a moderate-income family can afford to pay and the current market sales price for a home.
First-time homebuyers who meet the program income requirements are eligible to apply. Homebuyers are required to contribute 3-5% of the purchase price toward down payment/closing costs. Assistance is provided in the form of an Agency-funded second mortgage. Homes purchased with Agency help will remain affordable for a minimum of 45 years. This means, homeowners will be required to sell their homes at affordable prices to future buyers.
SHOP funds will be available to qualified applicants seeking to purchase one of the 33 new homes to be built on Metate Lane and York Avenue. Pacific Scene Homes has been selected to develop the properties. Construction is expected to start in Spring 2008. The interest list for the project is now closed. For more information about this project click here.
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