San Diego offering help to renters

San Diego offering help to renters

San Diego offering help to renters
The city of San Diego has announced that it has set aside $15.1 million to help renters who have been impacted by the coronavirus. Up to $4,000 per household is available to those who have experienced a health or economic impact due to the virus with priority given to families with young children or the elderly.

Critics of the plan say that the plan doesn’t go far enough with a potential to help about 3,500 households at most. Officials have stated that they hope to make additional funds available in the future to aid more families. The Housing Commission has established a GoFundMe donation option for the public to contribute as well.

A moratorium on evictions is currently set to expire on September 30. Meanwhile, those desiring to shift from renter to owner will find conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.