RCEDA 8.5x11 Report d3

Home Enhancement Program Community Development Block Grant (CDBG) funds were used to help income-qualified homeowners fix or repair exterior problems to their homes. Projects include roof repair or replacement, energy efficient windows installation, exterior paint re-touching, porch and fencing repairs and more. Twenty (20) homes were rehabilitated in the fiscal year 17-18.

BEFORE

The interest in the program is growing and there are currently twelve (12) active cases (in different stages) and a growging waiting list has been started.

AFTER

One of our home enhancement projects: Carley-Skidd Thousand Palms, CA Project Completed: June 21, 2018 • Partial roof replacement • Replaced trim, gutters and downspouts • Replaced rotten siding on home • Installed a front patio

• Removed a non-working cooler and repaired wall • Replaced three doors with matching locksets • Replaced six windows and screens • Installed a cover for the crawl space • Prepared and painted all exterior walls on house

Development The creation and preservation of affordable housing in the County of Riverside depends upon public-private collaboration and multiple funding sources, with the Riverside County Housing Authority (Housing Authority) and the Economic Development Agency serving in multiple roles, including: • Lender • First Time Homebuyer Program (FTHB)—This program is available for low income first time homebuyers with an annual income that is no greater than 80%of the areamedian income. The FTHB Programprovides up to 20%of the purchase price with a 15-year affordability period as a “silent second” loan. • Mortgage Credit Certificate (MCC)—This program is available for moderate income first time homebuyers with an annual income that is no greater than 120% of the area median income. The MCC program reduces the amount of federal income taxes owed by a homebuyer by 20% of the annual interest paid on the mortgage. Lenders factor this and count this credit as additional income when qualifying a homebuyer for a mortgage, which helps the buyer qualify for a mortgage. • Housing Successor Agency to the County of Riverside and City of Coachella Redevelopment Agencies.

The Housing Authority administers local and federal funding sources to support the construction of new affordable rental housing units and the rehabilitation of units to preserve and extend their affordability: • HOME Investment Partnerships Program (HOME) funds that the U.S. Department of Housing and Urban Development awards to the County of Riverside; and • Neighborhood Stabilization Program (NSP1 and NSP3) funds are one time grant funds that the U.S. Department of Housing and Urban Development awarded the County. • Housing Authority Successor Agency (HASA) funds are housing funds remaining from the former Redevelopment Agency. The investment that the Housing Authority of the County of Riverside (HACR) makes in affordable rental developments fills a gap in funding that remains after all other atvailable sources are secured. This investment preserves the affordability of these developments for 55 years. To promote homeownership, the County of Riverside provides down payment assistance to families throughout the County.

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