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10/20/2014 <br /> 2 0 1 5 2 0 2 3 H O U S I N G Goals and <br /> Policies <br /> turnover provides ownership opportunities to a larger number <br /> of people. Each time a unit would be resold, a new 30-year <br /> affordability period would begin, thus sustaining the unit as <br /> affordable. As more affordable ownership units come online, <br /> Redwood City will establish a program to foster homeownership <br /> through these concepts. <br /> As a means of further leveraging homeownership assistance, <br /> the City also participates with San Mateo County in the <br /> implementation of a Mortgage Credit Certificate (MCC) <br /> Program. An MCC is a certificate awarded by the County <br /> authorizing the holder to take a federal income tax credit. A <br /> qualified applicant awarded an MCC may take an annual credit <br /> against federal income taxes of up to 20 percent of the annual <br /> interest paid on the applicant's mortgage. This provides more <br /> available income to qualify for a mortgage loan and to make the <br /> monthly mortgage payments. The value of the MCC must be <br /> taken into consideration by the mortgage lender in <br /> underwriting the loan and may be used to adjust the borrower's <br /> federal income tax withholding. <br /> Objectives: <br /> • Continue to provide homeownership assistance to eligible <br /> first-time homebuyers at Wyndham Place. <br /> • Explore creating a "Move Up" program that will provide a <br /> support structure to first-time homebuyers. <br /> • Prioritize first-time homebuyer assistance for income- <br /> eligible emergency personnel that work in Redwood City <br /> and are being priced out of the market to live in Redwood <br /> City. <br /> • Continue to renew a cooperative agreement with San <br /> Mateo County to administer Mortgage Credit Certificates <br /> for low- and moderate-income Redwood City residents, and <br /> provide information to interested residents at City Hall and <br /> on the City's website. <br /> Timeframe: Ongoing <br /> Responsible Party: Community Development; City Manager <br /> Office <br /> Funding Sources: CDBG, HOME, HEART <br /> Program H-18: Alternative Housing Models. There are a variety of alternative <br /> housing models that help support affordable housing choice. <br /> Efficiency units provide an affordable option for singles and <br /> seniors, and should be encouraged. In addition, Redwood City <br /> Redwood City General Plan P a g e H - 1 6 5 <br /> RESO. # 15376 <br /> MUFF # 301 <br />