ESCONDIDO — The city of Escondido is joining with a developer to create a $550,000-program to provide down payments for first-time, middle-income home buyers thwarted by the high-priced housing market.
The northern San Diego County city will join two other California cities, Ventura and San Francisco, in offering such a program, Escondido officials said.
"This is not low-income housing assistance," City Councilwoman Carla DeDominicis said. "It is the first time in the county that a city has come to the aid of hard-working, middle-class people."
Money for the down payments, which could be up to $12,500 per buyer, will come from the builder, Foote Development Co. of San Diego. Foote agreed to underwrite the program in exchange for receiving Escondido's approval to build 222 condominium units on the city's north side.