Kathleen Sample_Second District Update 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:

Page 13 of 22