Mortgage lenders to originate mortgage loans related to the acquisition of new and existing single-family housing.
A. Program Descriptions
Riverside County Economic Development Agency (EDA) is seeking mortgage lenders to
originate mortgage loans related to the acquisition of new and existing single-family housing in
Riverside County and made in conjunction with the EDA Down Payment/Purchase Price
Assistance Programs and the EDA Mortgage Credit Certificate Program (MCC).
1. Down Payment and Purchase Price Assistance Programs
The Riverside County Board of Supervisors has authorized EDA to administer programs for the
purpose of providing Down Payment/Purchase Price Assistance to low, moderate and middle
income first time homebuyers. These programs are comprised of the First Time Home Buyer
Program (FTHB) and the Mortgage Credit Certificate Program (MCC) and are administered by
EDA pursuant to applicable federal, state and local policies and procedures.
On March 14, 1995 the Board of Supervisors of the County of Riverside established the
FTHB Program in conjunction with HOME Investment Partnerships Act of 1990 as a means
of assisting qualified individuals with the acquisition of new and existing single family
housing. FTHB is financed with HOME funds which are awarded to the EDA annually by
the US Department of Housing and Urban Development (HUD). FTHB provides down
payment assistance to low income first time homebuyers in the amount of up to 20% of the
home s sales price not to exceed $75,000 for the purchase of properties located in
unincorporated areas and participating cities within Riverside County. Assisted homebuyers
must obtain an eligible first mortgage loan through an FTHB participating lender.
2. Mortgage Credit Certificate Program
The Riverside County Board of Supervisors authorized EDA to administer the MCC Program
pursuant to applicable federal, state and local policies and procedures. The Tax Reform Act of
1986 established the MCC program as a means of assisting qualified individuals with the
acquisition of new and existing single family housing. EDA applies annually to the California
Debt Limit Allocation Committee for a Mortgage Credit Certificate allocation, with the most
recent allocation approved by the State of California on March 21, 2012, by Resolution No. 12-
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. The borrower can claim a tax credit equal to
20% of the interest paid during the year. Eligible locations for the MCC program include all
unincorporated areas of Riverside County
Tender documents : T22221468.pdf
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