The SoftSecond Loan Program for first-time homebuyers can be a useful for communities that are seeking to increase affordable homeownership opportunities. It can also help homeownership developers make their projects more affordable.
Communities have used SoftSecond in combination with local funds set aside for downpayment assistance. Federal community block grant funds or Community Preservation Act funds are two types of sources that communities have used in combination with SoftSecond.
Homeownership developers can make their projects more affordable when buyers use SoftSecond to finance market rate or affordable units.