2016-17 Annual Report

Housing Highlights Fiscal Year 2016/17 Accomplishments

Home Ownership Mortgage Credit Certificate (MCC)

Sunset Springs Self-Help Project Desert Hot Springs, CA

• Approximately $1.2 million in HOME funds were invested for the acquisition and rehabilitation of rental properties producing 7 affordable rental housing units for low-income families. $700,000 assisted the development and construction of 43 single-family homes through mutual self-help programs in Desert Hot Springs and North Shore. • 17 homebuyer households in Riverside County received tax credits totaling $644,910 in Mortgage Credit Certificates. • Approximately $700,000 was provided in first-time homebuyer assistance for 15 family households to obtain the American dream of homeownership. • Approximately $127,000 in Neighborhood Stabilization Program (NSP) funds assisted 2 first-time homebuyers purchase rehabilitated foreclosed homes. Housing Development Orange Blossom III Apartments Riverside, CA $1,265,000 in federal HOME Investment Partnership Act Program funding was provided by the County to acquire and rehabilitate two existing rental properties made affordable to qualified low-income households producing a total of 7 affordable housing units. All units are restricted for occupancy and rent by qualified low-income households for a period of 55 years. This completed project is owned and operated by an affordable housing non-profit organization which manages 19 of the 20 rental properties on Orange Blossom Lane. The project was completed in June of 2017.

EDA has issued approximately $644,910 in Mortgage Credit Certificates assisting 17 homebuyer households in reducing the amount of their federal income tax liability and increase the homebuyer’s purchasing power. First-Time Home Buyer (FTHB) Program EDA Housing provided approximately $702,680 in HOME funds for down payment assistance to 15 first-time homebuyer households.

The County provided $102,000 in County HOME funds for the development and construction of 32 single-family mutual self-help homes for low-income homebuyers in the City of Desert Hot Springs in Riverside County. Other funding sources for the project included a loan of $4,190,000 from the U.S. Department of Agriculture (USDA) Section 502 Program, a grant of $518,000 from the Affordable Housing Program and $238,000 in buyer sweat equity. The total development cost was $5,048,000. North Shore Self-Help Groups 5 & 6 North Shore, CA

Neighborhood Stabilization Program (NSP) EDA Housing expended approximately $127,500 in NSP funds for down payment homebuyer assistance to purchase 2 rehabbed homes. Community Development Financial Institutions (CDFI) Program The CDFI program facilitates loan packaging, approval and permitting of “Polanco” mobile home parks limited to a maximum of 12 mobile home park spaces. For fiscal year 2016/17, three loans were approved, mobile home parks were rehabilitated and the loans were converted to permanent financing. The program has completed the development of 36 mobile home spaces for rent to low- income mobile home owners.

The County provided $600,000 in County HOME funds for the development and construction of 11 single-family mutual self-help homes for low-income homebuyers in the community of North Shore in Riverside County. Other funding sources for the project included a $784,000 loan from the U.S. Department of Agriculture Section 502 Program, an $82,000 grant from the Affordable Housing Program, a $74,000 loan from the Joe Serna, Jr. Farmworker Housing Grant Program and $5,500 in buyer sweat equity. The total development costs was $1,545,500.

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