The California Housing Finance Agency (CalHFA) offers qualified homebuyers a partial or full rebate of the school facility fees paid by the home buyer through the School Facility Fee Assistance program (SFF)
The amount varies depending on the actual amount of fees paid by the builder, but the average is $2.92 per square foot.
Example: 2500 sq ft home x $2.92= $7300
In order to qualify, the buyer must
- be a first time home buyer (has not owned a home in the past 3 years)
- intend to occupy the home for at least five years (prorated repayment required if you do not occupy for the full 5 years)
- meet the Household income limits (click HERE to check limits)
The property must be new construction with a building permit issued after January 2002.
The program can be combined with CalHFA’s first mortgage or non-CalHFA Mortgages. The funds can be used for down payment, closing costs or to pay for upgrades installed prior to the close of escrow.
Another great tool available to California buyers!