Third District Report December 2019

HOUSING

Affordable Housing Production FY 2019/2020

Multifamily Apartments 

Units Completed: 148 Under Construction: 85 Pre-Development: 1,959

 

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: o 17 Completed o 11 Under Construction o 722 Inquires o 104 Disqualified

o 81 Withdrew o 23 Declined o 37 Waiting for a response o 218 Not qualified

 District 1 - total of 1

o 1 completed; Riverside

 District 2 - total of 6 o 6 completed; Jurupa Valley, Mira Loma, Corona  District 3 - total of 13 o 6 completed; Hemet o 7 in rehab  District 4 - total of 3 o 2 completed; Thousand Palms, Desert Hot Springs o 1 in rehab  District 5 - total of 5 o 2 completed; Beaumont, Sun City o 3 in rehab

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 November 13, 2019, a total of 14 MCC Certificates were issued from the 2018 MCC allocation with a total MCC amount of $777,411.60. Additionally, there are 8 MCC Commitments since fiscal year startup totaling $404,269.00 that are awaiting certificate issuance. There is also 1 remaining MCC application received this month for $55,200.00, still awaiting commitment. The current grand total MCC allocation drawdown is $1,236,880.60 with a remaining balance for the 2018 allocation at $763,119.40.

First Time Home Buyer Program:

 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