First District Update_Jan 2020

HOUSING

Affordable Housing Production FY 2019/2020

Multifamily Apartments

Units Completed: 148 Under Construction: 85 Pre-Development: 2,014

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Senior Home Rehabilitation Grant Program:

 The Senior Home Rehabilitation Grant Program is a grant of up to $25,000.00 to assist qualified very low-income seniors or disabled homeowners with correcting health and safety hazards in their homes to improve their quality of life and safety. A total of $ 460,499.00 has been drawn down, $308,000.00 has been obligated, leaving a balance of $231,501.00.  The County has successfully assisted 17 seniors rehabilitate their homes through this program (15 in theWest and 2 in the East). There are currently 11 homes being worked on. The breakdown of all the applications received and processed is as follows:  17 Completed  11 Under Construction  722 Inquires  104 Disqualified  81 Withdrew  23 Declined  37 Waiting for a response  218 Not qualified  District 1 - total of 1  1 completed; Riverside  District 2 - total of 6  6 completed; Jurupa Valley, Mira Loma, Corona  District 3 - total of 13  6 completed; Hemet  7 in rehab  District 4 - total of 3  2 completed; Thousand Palms, Desert Hot Springs  1 in rehab  District 5 - total of 5  2 completed; Beaumont, Sun City  3 in rehab  A Mortgage Credit Certificate (MCC) entitles qualified home buyers to reduce the amount of their federal income tax liability by an amount equal to a portion of the interest paid during the year on a home mortgage. This tax credit allows the buyer to qualify more easily for a loan by increasing the effective income of the buyer. The Riverside County MCC Program provides for a twenty percent (20%) rate which can be applied to the interest paid on the mortgage loan.  As of December 16, 2019, a total of 15 MCC Certificates have been issued from the 2018 MCC allocation totaling an MCC amount of $849,187.00. Additionally, there are 10 MCC applications without certificate issuance for $465,130.00. The grand allocation total for all categories is $1,314,317.20. The remaining balance for the 2018 allocation left to use is $685,682.80.

Mortgage Credit Certificate Program: