AgdaPkt 2009-03-23 - Laserfiche WebLink

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,j.J Ii,: j I." " L:~ tJ. /c,\ UH'd, \ ('; (7 A pag~ 12 H l) L) :;; L N (; Objectives: . Continue to provide subsidies, as funds are available, to assist in the development of affordable housing units. . Continue to land bank funds to directly facilitate the development and continuation of, affordable housing opportunities, including CDBG, HOME, and Redevelopment Set- Aside Funds. . Seek opportunities to assist in the acquisition of land for the construction of new affordable rental and ownership housing. Funding Sources~ Ongoing Community Development Services Department- Planning and Housing Divisions; Redwood City Redevelopment Agency CDBG; HOME; Redevelopment Set-Aside Funds T\meframe: Responsible Agency: Action H,f): Fir.~t'" Time Homebuyer Progrllm The City is committed to expanding homeownership opportunities for tower- and moderate-income households to increase the percentage of homeowners in the community and assist with the stabilization of residential neighborhoods. As funds are available, Redwood City assists with homeownership opportunities through a First Time Home Buyer Program revolving fund. The City's first-Time Homebuyer Program provides secondary financing and down payment assistance to eligible homebuyers who purchase housing in Redwood City. The program also sets forth terms and conditions for resale of ownership units developed by the City or Redevelopment Agency. This program ensures that the City or Agency has First Right of Refusal for Resale units, that turnover units are made available to eligible qualified buyers, and that the resale units remain affordable for the longest period of time {3D to 55 years}. As a means of further leveraging homeownership assistance, the City also participates with San Mateo County in the implementation of a Mortgage Credit Certificate (MCC) Program. An MCC is a certificate awarded by the County authorizing the holder to take a Federal income tax credit. A qualified applicant awarded an MCC may take an annual credit against federal income taxes of up to 20 percent of the annual interest paid on the applicant's mortgage. This provides more available income to qualify for a mortgage loan and to make the monthly mortgage payments. The value of the MCC must be taken into consideration by the mortgage lender in underwriting the loan and may be used to adjust the borrower's federal income tax withholding. Objectives: