Fourth District Update_Feb 2020

HOUSING

Affordable Housing Production FY 2019/2020

Multifamily Apartments and Single Family Homes

Units Completed: 148 Under Construction: 85 Pre-Development: 2,113

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Mortgage Credit Certificate Program:

 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 January 21, 2020, a total of 19 MCC Certificates have been issued from the 2018 MCC allocation totaling an MCC amount of $1,058,271.00. Additionally, there are 7 committed MCC applications without certificate issuance for $309,085.00. Also, there is 1 new application without commitment for $47,600.00. The grand allocation total for all categories is $1,414,956.00. The remaining balance for the 2018 allocation left to use is $585,044.00.  The First Time Home Buyer (FTHB) Program provides assistance to lower income persons in the purchase of their first home. Assistance may be provided for the down payment in the purchase of a home. The amount of assistance available depends upon the buyer’s qualifications and the price of the home. In general, a buyer may only receive what they need, up to 20% of the purchase price of the home.  As of January 21, 2020, a total of 6 FTHB applications have been received since the beginning of the fiscal year, allocating a total funds of $318,998.00 ESG Housing First Program o Monthly rental, utility, security & utility deposit, and emergency assistance provided: $3K o # of households assisted: 3  HOPWA Tenant Based Rental Assistance Program o Monthly rental assistance provided: $50K o # of households assisted:110  Security Deposit Assistance Program o Monthly security deposit assistance provided: $4K o # of households assisted: 6  CDBG Security Deposit Assistance o Monthly security deposit assistance provided: $3K o # of households assisted: 1  HUD VASH Tenant Based Vouchers o Monthly rental assistance provided: $234K o # of Households assisted: 356  HUD VASH Project Based Vouchers o Monthly rental assistance provided: $60K o # of Households assisted: 88  Shelter Plus Care o Monthly rental assistance provided: $80K 

First Time Home Buyer Program:

Housing Authority Homeless Programs: