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Mortgage lenders to originate mortgage loans related to the acquisition of new and existing single-family housing.

Tenders are invited for Request For Qualifications (rfq) For Mortgage Lenders.

INTRODUCTION

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.

a. FTHB

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-

015.

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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Publication:Mena Report
Date:May 15, 2014
Words:477
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