[Raybyrnes]

They made their cut this year with .50. Expect to see no cut. Rebalance now into cash and wait for the market to correct following the news.

[Raybyrnes]

They made their cut this year with .50. Expect to see no cut. Rebalance now into cash and wait for the market to correct following the news.

[Raybyrnes]

There is lot’s more information at

http://www.rivcoeda.org/Default.aspx?tabid=1198
Additionally if you are a teacher, nurse, social worker, or law enforcement there are other programs that you can look into for assistance.

I have included a sample of one program that you should be familiar with

Mortgage Credit Certificate
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 fifteen percent (15%) rate which can be applied to the interest paid on the mortgage loan. The borrower can claim a tax credit equal to 15% of the interest paid during the year. Since the borrowers taxes are being reduced by the amount of the credit, this increases the take-home pay by the amount of the credit. The buyer takes the remaining 85% interest as a deduction. When underwriting the loan, a lender takes this into consideration and the borrower is able to qualify for a larger loan than would otherwise be possible. The following table illustrates how a MCC increases a borrower’s “effective home buying power”:

Effective Home Buying Power With and Without an MCC

Without MCC
With MCC

First Mortgage Amount
$300,000
$300,000

Mortgage Interest Rate
7%
7%

Monthly Mortgage (Principal & Interest Only)
$1,996
$1,996

MCC Rate
N/A
15%

Monthly Credit Amount
N/A
$262.25

“Effective” Monthly Mortgage Payment
$1,996
$1,733.75

Annual Income Needed *
$85,542
$74,304

* Annual Income Needed is based on monthly Principal and Interest (P&I) not exceeding 28% of monthly income.

How does a Mortgage Credit Certificate actually work?
Assume the homebuyer bought a home with a mortgage amount of $300,000 with an interest rate of 7% with the monthly mortgage payment of $1,996 as illustrated in the previous page.

(1) The homebuyer would pay a total of $300,000 x 0.07= $21,000 of interest in the first year (Loan amount x interest rate).

(2) Because the homebuyer has a Mortgage Credit Certificate, the homebuyer could receive a federal income tax credit of $3,150 (15% x $21,000). If the homebuyer income tax liability is $3,150 or greater, the homebuyer will receive the full benefit of the MCC tax credit. If the amount of homebuyer tax credit exceeds the amount of his/her tax liability, the unused portion can be carried forward (up to three years) to offset future income tax liability.

(3) The remaining 85% of the mortgage interest or $17,850 ($21,000 less $3,150) qualifies as an itemized income tax deduction.

(4) To receive immediate benefit of the MCC tax credit, the homebuyer would file a revised W-4 withholding from with the homebuyer’s employer to reduce the amount of federal income tax withheld from his/her wages and increase homebuyer’s take home pay by $262 per month ($3,150/12 )

(5) By applying the increase in the homebuyer take home pay of $262 towards his monthly mortgage payment of $1,996, his effective monthly payment becomes $1,734 ($1,996 minus $262).

“Tax Credit” vs. “Tax Deduction”
A “tax credit” entitles a tax payer to subtract the amount of credit from their total federal tax bill whereas a “tax deduction” is subtracted from adjusted gross income before federal income taxes are computed.

What happens if the homebuyer cannot use the entire amount of the MCC credit for the year in which it applies?
If the amount of the MCC exceeds the homebuyer’s tax liability, the unused portion of the credit can be carried forward to the next three years or until used, whichever comes first.

Time Period of the Mortgage Credit Certificate
The MCC is in effect for the life of the loan as long as the home remains the borrower’s principal residence. The MCC is not transferable to a new loan when refinancing, nor can it be assigned or transferred to a new buyer or another home. In addition, the MCC Program includes a nine year recapture provision which provides for a return of tax credits taken if the property ceases to be the borrower’s primary residence within nine years from the close of escrow. The amount of tax recapture is determined by formula, and provided to the borrower at the time the application is taken. After expiration of the nine year period, the borrower may dispense of the property without incurring penalty, but would lose the future benefits of the MCC.

Qualifying for the MCC Program
The three basic qualifications are:

(1) The borrower must be a first time Home Buyer;

(2) The borrowers annual income must fall within the program income limits; and

(3) The home being purchased must fall within the program purchase price limits. If the home is located in a Target Area, then the first-time buyer limitation does not apply and the income and cost limits are higher.

First-time Home Buyer definition
A first time Home Buyer is defined as a person who has not had an ownership interest in his or her principal residence for the previous three (3) years.

Eligible Properties
The residence purchased in conjunction with a MCC must be the borrower’s principal residence and may not be used as a business or vacation home. The home may be a detached or attached single family home, condominium unit, a co-op unit, or a manufactured home on permanent foundation (new or re-sale).

Riverside County’s MCC Allocation
In order to issue MCC’s, the County must apply to the California Debt Limit Allocation Committee for an MCC Allocation. The amount that the County received is based on a combination of factors including demonstrated need, past performance and available MCC authority.

Applying for a Mortgage Credit Certificate
Borrowers must apply for a MCC through a Participating Lender. The Participating Lender will perform an initial qualification and assist the borrower in completing the MCC submission forms. The Lender then submits the MCC application to the County. The County reviews the Borrowers qualifications and, if they meet the program guidelines, issues a letter of commitment to the Lender. The Commitment Letter must be issued prior to the close of the loan. The loan must close within 120 days of the commitment. Upon loan closing, the Lender submits the MCC Closing package to the County and the County issues the MCC, with the Lender and borrower each receiving a copy. The borrower may then claim the tax credit on their Federal Income Tax Returns. The borrower can receive the money annually as a tax refund or adjust his or her W-4 withholding form to receive the benefit via an increased pay check.

Loan terms
The loan terms depend on the Lender and type of loan you use. Depending on the mortgage marketplace and the borrower requirements, each Lender can set its own interest rate, length of mortgage term, down payment requirement, fees, points, closing costs and other loan terms. MCC’s may be used with conventional, fixed, 15-year, 30-year, or 40-year term loans, including FHA, VA, FNMA, FHLMC and privately insured loans. MCC’s may not be used in conjunction with bond backed loans, such as Cal-Vet or California Housing Financing Agency (CalHFA) loans.

Application Fee to receive a MCC
The maximum total fee for a MCC is $400. Of this, the County collects a $300 Non-Refundable application fee which may be paid by any person (buyer, seller, lender, etc.). In addition, Participating Lenders may charge up to $100 for their processing of the MCC. Therefore, the total maximum charge in association with the MCC is $400. This is separate from the other fees associated with purchasing a home, such as escrow fees, loan origination and processing fees and closing costs. Your lender can provide you with a breakdown of the total fees associated with obtaining a mortgage loan.

Copyright 2007 Riverside County EDA , Privacy

[Raybyrnes]

There is lot’s more information at

http://www.rivcoeda.org/Default.aspx?tabid=1198
Additionally if you are a teacher, nurse, social worker, or law enforcement there are other programs that you can look into for assistance.

I have included a sample of one program that you should be familiar with

Mortgage Credit Certificate
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 fifteen percent (15%) rate which can be applied to the interest paid on the mortgage loan. The borrower can claim a tax credit equal to 15% of the interest paid during the year. Since the borrowers taxes are being reduced by the amount of the credit, this increases the take-home pay by the amount of the credit. The buyer takes the remaining 85% interest as a deduction. When underwriting the loan, a lender takes this into consideration and the borrower is able to qualify for a larger loan than would otherwise be possible. The following table illustrates how a MCC increases a borrower’s “effective home buying power”:

Effective Home Buying Power With and Without an MCC

Without MCC
With MCC

First Mortgage Amount
$300,000
$300,000

Mortgage Interest Rate
7%
7%

Monthly Mortgage (Principal & Interest Only)
$1,996
$1,996

MCC Rate
N/A
15%

Monthly Credit Amount
N/A
$262.25

“Effective” Monthly Mortgage Payment
$1,996
$1,733.75

Annual Income Needed *
$85,542
$74,304

* Annual Income Needed is based on monthly Principal and Interest (P&I) not exceeding 28% of monthly income.

How does a Mortgage Credit Certificate actually work?
Assume the homebuyer bought a home with a mortgage amount of $300,000 with an interest rate of 7% with the monthly mortgage payment of $1,996 as illustrated in the previous page.

(1) The homebuyer would pay a total of $300,000 x 0.07= $21,000 of interest in the first year (Loan amount x interest rate).

(2) Because the homebuyer has a Mortgage Credit Certificate, the homebuyer could receive a federal income tax credit of $3,150 (15% x $21,000). If the homebuyer income tax liability is $3,150 or greater, the homebuyer will receive the full benefit of the MCC tax credit. If the amount of homebuyer tax credit exceeds the amount of his/her tax liability, the unused portion can be carried forward (up to three years) to offset future income tax liability.

(3) The remaining 85% of the mortgage interest or $17,850 ($21,000 less $3,150) qualifies as an itemized income tax deduction.

(4) To receive immediate benefit of the MCC tax credit, the homebuyer would file a revised W-4 withholding from with the homebuyer’s employer to reduce the amount of federal income tax withheld from his/her wages and increase homebuyer’s take home pay by $262 per month ($3,150/12 )

(5) By applying the increase in the homebuyer take home pay of $262 towards his monthly mortgage payment of $1,996, his effective monthly payment becomes $1,734 ($1,996 minus $262).

“Tax Credit” vs. “Tax Deduction”
A “tax credit” entitles a tax payer to subtract the amount of credit from their total federal tax bill whereas a “tax deduction” is subtracted from adjusted gross income before federal income taxes are computed.

What happens if the homebuyer cannot use the entire amount of the MCC credit for the year in which it applies?
If the amount of the MCC exceeds the homebuyer’s tax liability, the unused portion of the credit can be carried forward to the next three years or until used, whichever comes first.

Time Period of the Mortgage Credit Certificate
The MCC is in effect for the life of the loan as long as the home remains the borrower’s principal residence. The MCC is not transferable to a new loan when refinancing, nor can it be assigned or transferred to a new buyer or another home. In addition, the MCC Program includes a nine year recapture provision which provides for a return of tax credits taken if the property ceases to be the borrower’s primary residence within nine years from the close of escrow. The amount of tax recapture is determined by formula, and provided to the borrower at the time the application is taken. After expiration of the nine year period, the borrower may dispense of the property without incurring penalty, but would lose the future benefits of the MCC.

Qualifying for the MCC Program
The three basic qualifications are:

(1) The borrower must be a first time Home Buyer;

(2) The borrowers annual income must fall within the program income limits; and

(3) The home being purchased must fall within the program purchase price limits. If the home is located in a Target Area, then the first-time buyer limitation does not apply and the income and cost limits are higher.

First-time Home Buyer definition
A first time Home Buyer is defined as a person who has not had an ownership interest in his or her principal residence for the previous three (3) years.

Eligible Properties
The residence purchased in conjunction with a MCC must be the borrower’s principal residence and may not be used as a business or vacation home. The home may be a detached or attached single family home, condominium unit, a co-op unit, or a manufactured home on permanent foundation (new or re-sale).

Riverside County’s MCC Allocation
In order to issue MCC’s, the County must apply to the California Debt Limit Allocation Committee for an MCC Allocation. The amount that the County received is based on a combination of factors including demonstrated need, past performance and available MCC authority.

Applying for a Mortgage Credit Certificate
Borrowers must apply for a MCC through a Participating Lender. The Participating Lender will perform an initial qualification and assist the borrower in completing the MCC submission forms. The Lender then submits the MCC application to the County. The County reviews the Borrowers qualifications and, if they meet the program guidelines, issues a letter of commitment to the Lender. The Commitment Letter must be issued prior to the close of the loan. The loan must close within 120 days of the commitment. Upon loan closing, the Lender submits the MCC Closing package to the County and the County issues the MCC, with the Lender and borrower each receiving a copy. The borrower may then claim the tax credit on their Federal Income Tax Returns. The borrower can receive the money annually as a tax refund or adjust his or her W-4 withholding form to receive the benefit via an increased pay check.

Loan terms
The loan terms depend on the Lender and type of loan you use. Depending on the mortgage marketplace and the borrower requirements, each Lender can set its own interest rate, length of mortgage term, down payment requirement, fees, points, closing costs and other loan terms. MCC’s may be used with conventional, fixed, 15-year, 30-year, or 40-year term loans, including FHA, VA, FNMA, FHLMC and privately insured loans. MCC’s may not be used in conjunction with bond backed loans, such as Cal-Vet or California Housing Financing Agency (CalHFA) loans.

Application Fee to receive a MCC
The maximum total fee for a MCC is $400. Of this, the County collects a $300 Non-Refundable application fee which may be paid by any person (buyer, seller, lender, etc.). In addition, Participating Lenders may charge up to $100 for their processing of the MCC. Therefore, the total maximum charge in association with the MCC is $400. This is separate from the other fees associated with purchasing a home, such as escrow fees, loan origination and processing fees and closing costs. Your lender can provide you with a breakdown of the total fees associated with obtaining a mortgage loan.

Copyright 2007 Riverside County EDA , Privacy

[Raybyrnes]

There is lot’s more information at

http://www.rivcoeda.org/Default.aspx?tabid=1198
Additionally if you are a teacher, nurse, social worker, or law enforcement there are other programs that you can look into for assistance.

I have included a sample of one program that you should be familiar with

Mortgage Credit Certificate
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 fifteen percent (15%) rate which can be applied to the interest paid on the mortgage loan. The borrower can claim a tax credit equal to 15% of the interest paid during the year. Since the borrowers taxes are being reduced by the amount of the credit, this increases the take-home pay by the amount of the credit. The buyer takes the remaining 85% interest as a deduction. When underwriting the loan, a lender takes this into consideration and the borrower is able to qualify for a larger loan than would otherwise be possible. The following table illustrates how a MCC increases a borrower’s “effective home buying power”:

Effective Home Buying Power With and Without an MCC

Without MCC
With MCC

First Mortgage Amount
$300,000
$300,000

Mortgage Interest Rate
7%
7%

Monthly Mortgage (Principal & Interest Only)
$1,996
$1,996

MCC Rate
N/A
15%

Monthly Credit Amount
N/A
$262.25

“Effective” Monthly Mortgage Payment
$1,996
$1,733.75

Annual Income Needed *
$85,542
$74,304

* Annual Income Needed is based on monthly Principal and Interest (P&I) not exceeding 28% of monthly income.

How does a Mortgage Credit Certificate actually work?
Assume the homebuyer bought a home with a mortgage amount of $300,000 with an interest rate of 7% with the monthly mortgage payment of $1,996 as illustrated in the previous page.

(1) The homebuyer would pay a total of $300,000 x 0.07= $21,000 of interest in the first year (Loan amount x interest rate).

(2) Because the homebuyer has a Mortgage Credit Certificate, the homebuyer could receive a federal income tax credit of $3,150 (15% x $21,000). If the homebuyer income tax liability is $3,150 or greater, the homebuyer will receive the full benefit of the MCC tax credit. If the amount of homebuyer tax credit exceeds the amount of his/her tax liability, the unused portion can be carried forward (up to three years) to offset future income tax liability.

(3) The remaining 85% of the mortgage interest or $17,850 ($21,000 less $3,150) qualifies as an itemized income tax deduction.

(4) To receive immediate benefit of the MCC tax credit, the homebuyer would file a revised W-4 withholding from with the homebuyer’s employer to reduce the amount of federal income tax withheld from his/her wages and increase homebuyer’s take home pay by $262 per month ($3,150/12 )

(5) By applying the increase in the homebuyer take home pay of $262 towards his monthly mortgage payment of $1,996, his effective monthly payment becomes $1,734 ($1,996 minus $262).

“Tax Credit” vs. “Tax Deduction”
A “tax credit” entitles a tax payer to subtract the amount of credit from their total federal tax bill whereas a “tax deduction” is subtracted from adjusted gross income before federal income taxes are computed.

What happens if the homebuyer cannot use the entire amount of the MCC credit for the year in which it applies?
If the amount of the MCC exceeds the homebuyer’s tax liability, the unused portion of the credit can be carried forward to the next three years or until used, whichever comes first.

Time Period of the Mortgage Credit Certificate
The MCC is in effect for the life of the loan as long as the home remains the borrower’s principal residence. The MCC is not transferable to a new loan when refinancing, nor can it be assigned or transferred to a new buyer or another home. In addition, the MCC Program includes a nine year recapture provision which provides for a return of tax credits taken if the property ceases to be the borrower’s primary residence within nine years from the close of escrow. The amount of tax recapture is determined by formula, and provided to the borrower at the time the application is taken. After expiration of the nine year period, the borrower may dispense of the property without incurring penalty, but would lose the future benefits of the MCC.

Qualifying for the MCC Program
The three basic qualifications are:

(1) The borrower must be a first time Home Buyer;

(2) The borrowers annual income must fall within the program income limits; and

(3) The home being purchased must fall within the program purchase price limits. If the home is located in a Target Area, then the first-time buyer limitation does not apply and the income and cost limits are higher.

First-time Home Buyer definition
A first time Home Buyer is defined as a person who has not had an ownership interest in his or her principal residence for the previous three (3) years.

Eligible Properties
The residence purchased in conjunction with a MCC must be the borrower’s principal residence and may not be used as a business or vacation home. The home may be a detached or attached single family home, condominium unit, a co-op unit, or a manufactured home on permanent foundation (new or re-sale).

Riverside County’s MCC Allocation
In order to issue MCC’s, the County must apply to the California Debt Limit Allocation Committee for an MCC Allocation. The amount that the County received is based on a combination of factors including demonstrated need, past performance and available MCC authority.

Applying for a Mortgage Credit Certificate
Borrowers must apply for a MCC through a Participating Lender. The Participating Lender will perform an initial qualification and assist the borrower in completing the MCC submission forms. The Lender then submits the MCC application to the County. The County reviews the Borrowers qualifications and, if they meet the program guidelines, issues a letter of commitment to the Lender. The Commitment Letter must be issued prior to the close of the loan. The loan must close within 120 days of the commitment. Upon loan closing, the Lender submits the MCC Closing package to the County and the County issues the MCC, with the Lender and borrower each receiving a copy. The borrower may then claim the tax credit on their Federal Income Tax Returns. The borrower can receive the money annually as a tax refund or adjust his or her W-4 withholding form to receive the benefit via an increased pay check.

Loan terms
The loan terms depend on the Lender and type of loan you use. Depending on the mortgage marketplace and the borrower requirements, each Lender can set its own interest rate, length of mortgage term, down payment requirement, fees, points, closing costs and other loan terms. MCC’s may be used with conventional, fixed, 15-year, 30-year, or 40-year term loans, including FHA, VA, FNMA, FHLMC and privately insured loans. MCC’s may not be used in conjunction with bond backed loans, such as Cal-Vet or California Housing Financing Agency (CalHFA) loans.

Application Fee to receive a MCC
The maximum total fee for a MCC is $400. Of this, the County collects a $300 Non-Refundable application fee which may be paid by any person (buyer, seller, lender, etc.). In addition, Participating Lenders may charge up to $100 for their processing of the MCC. Therefore, the total maximum charge in association with the MCC is $400. This is separate from the other fees associated with purchasing a home, such as escrow fees, loan origination and processing fees and closing costs. Your lender can provide you with a breakdown of the total fees associated with obtaining a mortgage loan.

Copyright 2007 Riverside County EDA , Privacy

[Raybyrnes]

There are commission for housing all over the United States. Once you understand that there is a program in San Diego you should understand that there is a program that probably exists in Temecula. I woold google “Temecula Affordable Housing Programs” and start doing my research.

Carlsbad has it’s own housing programs and they use an equity share program. WHen Bressi Ranch was built the developer had to set aside a certain amoutn of units as affordable housing units.

Anytime you see a large scale development you need to understand that there are a portion ofr those new units that are goiing to go to a low or moderate income family or the builder is going to have to pay in lieu fees and face challenges gettting their projects approved form city councils.

Here I did the look up for you

Affordable Housing Is Available
The Housing Authority of the County of Riverside is currently taking applications for the Affordable Public Housing Program. Units become vacant at unpredictable times. Register now so that you will have your name on the list when it comes time to draw from the list.

The Affordable Public Housing Program allows you to pay 30 percent of your monthly income for rent. Low-income families that live or work in the County of Riverside are urged to apply now. Elderly and disabled residents are also encouraged to apply.

This is a federally funded program administered by the Housing Authority of the County of Riverside. The Housing Authority has been serving the County for over 50 years.

Who Can Participate in the Affordable Housing Program?
The program is for families whose annual income is classified as “low-income” (below 80 percent of the area median income, see income guideline).

How Does It Work?
When you call an office, request a waiting list registration form. The program has been called “conventional housing” or “public housing” or “HUD affordable housing.” The units are owned and managed by the Housing Authority of the County of Riverside. The rent amount paid by the tenant is 30 percent of the family’s adjusted income.

Are There Other Eligibility Requirements?
In addition to income limits, other factors are considered in the application process. One requirement is that eligible family members have legal residency in the United States. Criminal records are reviewed, since violent criminal activity and drug-related criminal activity are disqualifying factors. Credit reports are run, and references are checked to verify rent payment history and the family’s suitability for tenancy.

Families in which the head of household or spouse is elderly, disabled, or working are given preference. All information must be verified prior to being determined eligible.

Where Are the Affordable Units Located?
They are located in various cities throughout Riverside County. Riverside County is divided into East and West areas. The East County area encompasses the Banning-Beaumont area to Blythe. The West County area covers the Moreno Valley area to Corona.

East County Area
City Street
Indio Aladdin St.
Thermal Polk St.
Cathedral City Corregidor St.
Mecca Seventh St.
Desert Hot Springs Don English Wy.
Beaumont East 5th St.
Banning East Williams St.

West County Area
City Street
Rubidoux 34th St.
Rubidoux Fort Dr.
Riverside Jackson St.
Lake Elsinore Broadway St.
Lake Elsinore Fairview St.
Moreno Valley Gloria St.
Moreno Valley Dracaea St.
Moreno Valley Adrienne St.
San Jacinto Idyllwild Dr.
Perris Midway St.

Is There a Long Wait?
The wait for affordable housing assistance can vary from a short wait while your application is being processed to a year or more depending on which location you select and the required unit size. There are some larger units in the East County for which the wait is shorter. The one-bedroom units have a much longer waiting list (whether in the East or West area) because there are few one-bedroom units.

Where Can I Get an Application?
East County (Desert) Area
Indio Office
44-199 Monroe St. Ste. B
Indio, CA 92201
760.863.2828

West County Area Riverside Office
5555 Arlington Ave
Riverside, CA 92504
951.351.0700

You can call, write or request a registration form. You can also register online at http://www.harivco.org.

What Kind of Rental Units Are Offered in the Affordable Housing Program?
The units are multi-family rental units but are of various kinds. Some are single story row units and others are town-house type units. There are no single-family homes available.

Important Notes
When your name is drawn from the waiting list and you are determined to be eligible, you will be offered a unit. If you turn down the unit that is available, you will be returned to the waiting list and be placed at the bottom of the list. If you turn down a unit a second time, you will be removed from the list and will need to re-register for the program.

Housing Authority of the County of Riverside
5555 Arlington Avenue
Riverside, CA 92504
951.351.0700

44-199 Monroe St. Ste. B
Indio, CA 92201
760.863.2828
http://www.harivco.org

[Raybyrnes]

There are commission for housing all over the United States. Once you understand that there is a program in San Diego you should understand that there is a program that probably exists in Temecula. I woold google “Temecula Affordable Housing Programs” and start doing my research.

Carlsbad has it’s own housing programs and they use an equity share program. WHen Bressi Ranch was built the developer had to set aside a certain amoutn of units as affordable housing units.

Anytime you see a large scale development you need to understand that there are a portion ofr those new units that are goiing to go to a low or moderate income family or the builder is going to have to pay in lieu fees and face challenges gettting their projects approved form city councils.

Here I did the look up for you

Affordable Housing Is Available
The Housing Authority of the County of Riverside is currently taking applications for the Affordable Public Housing Program. Units become vacant at unpredictable times. Register now so that you will have your name on the list when it comes time to draw from the list.

The Affordable Public Housing Program allows you to pay 30 percent of your monthly income for rent. Low-income families that live or work in the County of Riverside are urged to apply now. Elderly and disabled residents are also encouraged to apply.

This is a federally funded program administered by the Housing Authority of the County of Riverside. The Housing Authority has been serving the County for over 50 years.

Who Can Participate in the Affordable Housing Program?
The program is for families whose annual income is classified as “low-income” (below 80 percent of the area median income, see income guideline).

How Does It Work?
When you call an office, request a waiting list registration form. The program has been called “conventional housing” or “public housing” or “HUD affordable housing.” The units are owned and managed by the Housing Authority of the County of Riverside. The rent amount paid by the tenant is 30 percent of the family’s adjusted income.

Are There Other Eligibility Requirements?
In addition to income limits, other factors are considered in the application process. One requirement is that eligible family members have legal residency in the United States. Criminal records are reviewed, since violent criminal activity and drug-related criminal activity are disqualifying factors. Credit reports are run, and references are checked to verify rent payment history and the family’s suitability for tenancy.

Families in which the head of household or spouse is elderly, disabled, or working are given preference. All information must be verified prior to being determined eligible.

Where Are the Affordable Units Located?
They are located in various cities throughout Riverside County. Riverside County is divided into East and West areas. The East County area encompasses the Banning-Beaumont area to Blythe. The West County area covers the Moreno Valley area to Corona.

East County Area
City Street
Indio Aladdin St.
Thermal Polk St.
Cathedral City Corregidor St.
Mecca Seventh St.
Desert Hot Springs Don English Wy.
Beaumont East 5th St.
Banning East Williams St.

West County Area
City Street
Rubidoux 34th St.
Rubidoux Fort Dr.
Riverside Jackson St.
Lake Elsinore Broadway St.
Lake Elsinore Fairview St.
Moreno Valley Gloria St.
Moreno Valley Dracaea St.
Moreno Valley Adrienne St.
San Jacinto Idyllwild Dr.
Perris Midway St.

Is There a Long Wait?
The wait for affordable housing assistance can vary from a short wait while your application is being processed to a year or more depending on which location you select and the required unit size. There are some larger units in the East County for which the wait is shorter. The one-bedroom units have a much longer waiting list (whether in the East or West area) because there are few one-bedroom units.

Where Can I Get an Application?
East County (Desert) Area
Indio Office
44-199 Monroe St. Ste. B
Indio, CA 92201
760.863.2828

West County Area Riverside Office
5555 Arlington Ave
Riverside, CA 92504
951.351.0700

You can call, write or request a registration form. You can also register online at http://www.harivco.org.

What Kind of Rental Units Are Offered in the Affordable Housing Program?
The units are multi-family rental units but are of various kinds. Some are single story row units and others are town-house type units. There are no single-family homes available.

Important Notes
When your name is drawn from the waiting list and you are determined to be eligible, you will be offered a unit. If you turn down the unit that is available, you will be returned to the waiting list and be placed at the bottom of the list. If you turn down a unit a second time, you will be removed from the list and will need to re-register for the program.

Housing Authority of the County of Riverside
5555 Arlington Avenue
Riverside, CA 92504
951.351.0700

44-199 Monroe St. Ste. B
Indio, CA 92201
760.863.2828
http://www.harivco.org

[Raybyrnes]

There are commission for housing all over the United States. Once you understand that there is a program in San Diego you should understand that there is a program that probably exists in Temecula. I woold google “Temecula Affordable Housing Programs” and start doing my research.

Carlsbad has it’s own housing programs and they use an equity share program. WHen Bressi Ranch was built the developer had to set aside a certain amoutn of units as affordable housing units.

Anytime you see a large scale development you need to understand that there are a portion ofr those new units that are goiing to go to a low or moderate income family or the builder is going to have to pay in lieu fees and face challenges gettting their projects approved form city councils.

Here I did the look up for you

Affordable Housing Is Available
The Housing Authority of the County of Riverside is currently taking applications for the Affordable Public Housing Program. Units become vacant at unpredictable times. Register now so that you will have your name on the list when it comes time to draw from the list.

The Affordable Public Housing Program allows you to pay 30 percent of your monthly income for rent. Low-income families that live or work in the County of Riverside are urged to apply now. Elderly and disabled residents are also encouraged to apply.

This is a federally funded program administered by the Housing Authority of the County of Riverside. The Housing Authority has been serving the County for over 50 years.

Who Can Participate in the Affordable Housing Program?
The program is for families whose annual income is classified as “low-income” (below 80 percent of the area median income, see income guideline).

How Does It Work?
When you call an office, request a waiting list registration form. The program has been called “conventional housing” or “public housing” or “HUD affordable housing.” The units are owned and managed by the Housing Authority of the County of Riverside. The rent amount paid by the tenant is 30 percent of the family’s adjusted income.

Are There Other Eligibility Requirements?
In addition to income limits, other factors are considered in the application process. One requirement is that eligible family members have legal residency in the United States. Criminal records are reviewed, since violent criminal activity and drug-related criminal activity are disqualifying factors. Credit reports are run, and references are checked to verify rent payment history and the family’s suitability for tenancy.

Families in which the head of household or spouse is elderly, disabled, or working are given preference. All information must be verified prior to being determined eligible.

Where Are the Affordable Units Located?
They are located in various cities throughout Riverside County. Riverside County is divided into East and West areas. The East County area encompasses the Banning-Beaumont area to Blythe. The West County area covers the Moreno Valley area to Corona.

East County Area
City Street
Indio Aladdin St.
Thermal Polk St.
Cathedral City Corregidor St.
Mecca Seventh St.
Desert Hot Springs Don English Wy.
Beaumont East 5th St.
Banning East Williams St.

West County Area
City Street
Rubidoux 34th St.
Rubidoux Fort Dr.
Riverside Jackson St.
Lake Elsinore Broadway St.
Lake Elsinore Fairview St.
Moreno Valley Gloria St.
Moreno Valley Dracaea St.
Moreno Valley Adrienne St.
San Jacinto Idyllwild Dr.
Perris Midway St.

Is There a Long Wait?
The wait for affordable housing assistance can vary from a short wait while your application is being processed to a year or more depending on which location you select and the required unit size. There are some larger units in the East County for which the wait is shorter. The one-bedroom units have a much longer waiting list (whether in the East or West area) because there are few one-bedroom units.

Where Can I Get an Application?
East County (Desert) Area
Indio Office
44-199 Monroe St. Ste. B
Indio, CA 92201
760.863.2828

West County Area Riverside Office
5555 Arlington Ave
Riverside, CA 92504
951.351.0700

You can call, write or request a registration form. You can also register online at http://www.harivco.org.

What Kind of Rental Units Are Offered in the Affordable Housing Program?
The units are multi-family rental units but are of various kinds. Some are single story row units and others are town-house type units. There are no single-family homes available.

Important Notes
When your name is drawn from the waiting list and you are determined to be eligible, you will be offered a unit. If you turn down the unit that is available, you will be returned to the waiting list and be placed at the bottom of the list. If you turn down a unit a second time, you will be removed from the list and will need to re-register for the program.

Housing Authority of the County of Riverside
5555 Arlington Avenue
Riverside, CA 92504
951.351.0700

44-199 Monroe St. Ste. B
Indio, CA 92201
760.863.2828
http://www.harivco.org

[Raybyrnes]

SBA steps up to plate for county fire victims

60-member team taking loan requests from property owners
By Keith Darcé
UNION-TRIBUNE STAFF WRITER

October 27, 2007

Determined to avoid mistakes that kept Hurricane Katrina victims waiting months for government-sponsored loans to rebuild, the U.S. Small Business Administration has a team of 60 representatives in San Diego County to take applications from people who suffered property losses in this week’s wildfires.

SCOTT LINNETT / Union-Tribune
Bob Buchholz and Steven Preston (center) of the SBA looked at photographs of wildfire damage on a digital camera at the agency’s booth in Rancho Bernardo.
An SBA representative visited Mark Davis’ burned-out home on Aguamiel Road in Rancho Bernardo yesterday morning, less than a day after the architect applied for a low-interest loan at the nearby disaster assistance center inside the Rancho Bernardo Glassman Recreation Center.
Davis said he hasn’t decided whether to take out an SBA loan or tap his savings if his homeowners insurance policy doesn’t cover his losses.

“I would prefer not to get more debt, but I’d like to avoid dipping into what we’ve put aside for retirement,” said Davis, who had lived in the four-bedroom hillside home with his family for 28 years.

With credit access tightening in response to the subprime mortgage crisis, the SBA’s disaster loan program, offering 30-year, fixed interest rates well below market levels, could prove critical to recovery for many wildfire victims.

The program is different from the Federal Emergency Management Agency’s disaster assistance program, which provides grants to victims to cover temporary living expenses. The grants don’t have to be repaid.

SCOTT LINNETT / Union-Tribune
SBA Administrator Preston (left) and regional administrator Bruce Thompson toured the charred remains of a home in Rancho Bernardo’s Westwood neighborhood. More than 270 Westwood homes burned. The SBA makes low-interest loans to cover property damage not insured.
Despite the SBA’s name, most of its disaster loans end up in homeowners’ pockets. After the Cedar fire in 2003, most of the 1,700 loans issued by the agency in San Diego County went toward repairing or replacing residential structures, SBA spokesman Richard Jenkins said. The loans were worth $180 million.
Since fewer structures burned in this week’s blazes – 1,458 as of last night – the agency is expecting to write a smaller number of loans for county residents than it did four years ago, he said.

Homeowners who qualify for the lending program can borrow up to $200,000 at a fixed rate of 2.937 percent to repair or replace their homes and up to $40,000 to replace personal property, such as appliances and furniture.

Fixed-rate, 30-year mortgages in California range from 5.5 percent to 6.625 percent, according to Loan.com, a Web-based service that compares terms of major lenders.

The loans are meant to replace losses not covered by insurance or other aid.

Businesses that qualify for the SBA program can borrow up to $1.5 million at a fixed rate of 4 percent to rebuild or repair fire damage. Low-interest, working-capital loans also are available to help businesses remain solvent while recovering from the fires.

To receive a disaster loan, applicants must have an acceptable credit history and a dependable stream of income large enough to cover monthly payments, which begin five months after the financing is delivered. The loan money is delivered in increments based on the progress of construction.

The loans could be ideal for fire victims who don’t have savings to tap for repairs or would take a big tax hit for liquidating stock investments, said Jon Beyrer, a certified financial planner from Solana Beach and spokesman for the Financial Planning Association of San Diego.

On the other hand, people who already are saddled with expensive mortgages might have a tough time absorbing the cost of additional debt, he said.

SBA Administrator Steven Preston pitched the loans to wildfire victims yesterday morning as he toured the devastated Westwood area of Rancho Bernardo and visited the agency’s loan application booth at the disaster assistance center.

Preston walked across the charred rubble of several houses at Duenda Road and Lutz Place. In most cases, little was left besides concrete slabs, brick chimneys and piles of ash.

“The destruction of these homes is complete and total,” he said. “You can almost envision family activities in these footprints.”

Preston said the SBA should be able to process most loan applications within two weeks, and loan recipients should get their first payment shortly after completing closing documents and returning the paperwork to the SBA.

That wasn’t the case after Katrina.

Four months after the hurricane slammed into New Orleans and the coastline of Mississippi, leaving behind catastrophic flooding and wind damage, the SBA had a backlog of 204,000 loan applications from storm victims, according to a report issued early this year by the federal Government Accountability Office.

The GAO faulted the agency for failing to plan for large-scale disaster, not having enough adequately trained staffers to handle the flood of loan applications that followed the storm, and depending on a computer system that didn’t have enough capacity to process the loan requests rapidly.

Since Katrina, the agency has developed a new detailed disaster recovery plan, increased its staffers trained in disaster lendingfrom about 800 workers to 4,300 and quadrupled the loan-processing capacity of its computer system.

“We are a totally different agency than we were two years ago,” said Preston, who was sworn into office in July 2006, nearly a year after Katrina struck.

SBA spokesman Jenkins said the agency has more than enough resources to handle the workload that will result from this week’s wildfires in Southern California.

“We’re ready,” he said. “I think people are going to be very pleased with how quickly we respond.”

——————————————————————————–
Keith Darce: (619) 293-1020; keith.darce@un

[Raybyrnes]

SBA steps up to plate for county fire victims

60-member team taking loan requests from property owners
By Keith Darcé
UNION-TRIBUNE STAFF WRITER

October 27, 2007

Determined to avoid mistakes that kept Hurricane Katrina victims waiting months for government-sponsored loans to rebuild, the U.S. Small Business Administration has a team of 60 representatives in San Diego County to take applications from people who suffered property losses in this week’s wildfires.

SCOTT LINNETT / Union-Tribune
Bob Buchholz and Steven Preston (center) of the SBA looked at photographs of wildfire damage on a digital camera at the agency’s booth in Rancho Bernardo.
An SBA representative visited Mark Davis’ burned-out home on Aguamiel Road in Rancho Bernardo yesterday morning, less than a day after the architect applied for a low-interest loan at the nearby disaster assistance center inside the Rancho Bernardo Glassman Recreation Center.
Davis said he hasn’t decided whether to take out an SBA loan or tap his savings if his homeowners insurance policy doesn’t cover his losses.

“I would prefer not to get more debt, but I’d like to avoid dipping into what we’ve put aside for retirement,” said Davis, who had lived in the four-bedroom hillside home with his family for 28 years.

With credit access tightening in response to the subprime mortgage crisis, the SBA’s disaster loan program, offering 30-year, fixed interest rates well below market levels, could prove critical to recovery for many wildfire victims.

The program is different from the Federal Emergency Management Agency’s disaster assistance program, which provides grants to victims to cover temporary living expenses. The grants don’t have to be repaid.

SCOTT LINNETT / Union-Tribune
SBA Administrator Preston (left) and regional administrator Bruce Thompson toured the charred remains of a home in Rancho Bernardo’s Westwood neighborhood. More than 270 Westwood homes burned. The SBA makes low-interest loans to cover property damage not insured.
Despite the SBA’s name, most of its disaster loans end up in homeowners’ pockets. After the Cedar fire in 2003, most of the 1,700 loans issued by the agency in San Diego County went toward repairing or replacing residential structures, SBA spokesman Richard Jenkins said. The loans were worth $180 million.
Since fewer structures burned in this week’s blazes – 1,458 as of last night – the agency is expecting to write a smaller number of loans for county residents than it did four years ago, he said.

Homeowners who qualify for the lending program can borrow up to $200,000 at a fixed rate of 2.937 percent to repair or replace their homes and up to $40,000 to replace personal property, such as appliances and furniture.

Fixed-rate, 30-year mortgages in California range from 5.5 percent to 6.625 percent, according to Loan.com, a Web-based service that compares terms of major lenders.

The loans are meant to replace losses not covered by insurance or other aid.

Businesses that qualify for the SBA program can borrow up to $1.5 million at a fixed rate of 4 percent to rebuild or repair fire damage. Low-interest, working-capital loans also are available to help businesses remain solvent while recovering from the fires.

To receive a disaster loan, applicants must have an acceptable credit history and a dependable stream of income large enough to cover monthly payments, which begin five months after the financing is delivered. The loan money is delivered in increments based on the progress of construction.

The loans could be ideal for fire victims who don’t have savings to tap for repairs or would take a big tax hit for liquidating stock investments, said Jon Beyrer, a certified financial planner from Solana Beach and spokesman for the Financial Planning Association of San Diego.

On the other hand, people who already are saddled with expensive mortgages might have a tough time absorbing the cost of additional debt, he said.

SBA Administrator Steven Preston pitched the loans to wildfire victims yesterday morning as he toured the devastated Westwood area of Rancho Bernardo and visited the agency’s loan application booth at the disaster assistance center.

Preston walked across the charred rubble of several houses at Duenda Road and Lutz Place. In most cases, little was left besides concrete slabs, brick chimneys and piles of ash.

“The destruction of these homes is complete and total,” he said. “You can almost envision family activities in these footprints.”

Preston said the SBA should be able to process most loan applications within two weeks, and loan recipients should get their first payment shortly after completing closing documents and returning the paperwork to the SBA.

That wasn’t the case after Katrina.

Four months after the hurricane slammed into New Orleans and the coastline of Mississippi, leaving behind catastrophic flooding and wind damage, the SBA had a backlog of 204,000 loan applications from storm victims, according to a report issued early this year by the federal Government Accountability Office.

The GAO faulted the agency for failing to plan for large-scale disaster, not having enough adequately trained staffers to handle the flood of loan applications that followed the storm, and depending on a computer system that didn’t have enough capacity to process the loan requests rapidly.

Since Katrina, the agency has developed a new detailed disaster recovery plan, increased its staffers trained in disaster lendingfrom about 800 workers to 4,300 and quadrupled the loan-processing capacity of its computer system.

“We are a totally different agency than we were two years ago,” said Preston, who was sworn into office in July 2006, nearly a year after Katrina struck.

SBA spokesman Jenkins said the agency has more than enough resources to handle the workload that will result from this week’s wildfires in Southern California.

“We’re ready,” he said. “I think people are going to be very pleased with how quickly we respond.”

——————————————————————————–
Keith Darce: (619) 293-1020; keith.darce@un

[Raybyrnes]

SBA steps up to plate for county fire victims

60-member team taking loan requests from property owners
By Keith Darcé
UNION-TRIBUNE STAFF WRITER

October 27, 2007

Determined to avoid mistakes that kept Hurricane Katrina victims waiting months for government-sponsored loans to rebuild, the U.S. Small Business Administration has a team of 60 representatives in San Diego County to take applications from people who suffered property losses in this week’s wildfires.

SCOTT LINNETT / Union-Tribune
Bob Buchholz and Steven Preston (center) of the SBA looked at photographs of wildfire damage on a digital camera at the agency’s booth in Rancho Bernardo.
An SBA representative visited Mark Davis’ burned-out home on Aguamiel Road in Rancho Bernardo yesterday morning, less than a day after the architect applied for a low-interest loan at the nearby disaster assistance center inside the Rancho Bernardo Glassman Recreation Center.
Davis said he hasn’t decided whether to take out an SBA loan or tap his savings if his homeowners insurance policy doesn’t cover his losses.

“I would prefer not to get more debt, but I’d like to avoid dipping into what we’ve put aside for retirement,” said Davis, who had lived in the four-bedroom hillside home with his family for 28 years.

With credit access tightening in response to the subprime mortgage crisis, the SBA’s disaster loan program, offering 30-year, fixed interest rates well below market levels, could prove critical to recovery for many wildfire victims.

The program is different from the Federal Emergency Management Agency’s disaster assistance program, which provides grants to victims to cover temporary living expenses. The grants don’t have to be repaid.

SCOTT LINNETT / Union-Tribune
SBA Administrator Preston (left) and regional administrator Bruce Thompson toured the charred remains of a home in Rancho Bernardo’s Westwood neighborhood. More than 270 Westwood homes burned. The SBA makes low-interest loans to cover property damage not insured.
Despite the SBA’s name, most of its disaster loans end up in homeowners’ pockets. After the Cedar fire in 2003, most of the 1,700 loans issued by the agency in San Diego County went toward repairing or replacing residential structures, SBA spokesman Richard Jenkins said. The loans were worth $180 million.
Since fewer structures burned in this week’s blazes – 1,458 as of last night – the agency is expecting to write a smaller number of loans for county residents than it did four years ago, he said.

Homeowners who qualify for the lending program can borrow up to $200,000 at a fixed rate of 2.937 percent to repair or replace their homes and up to $40,000 to replace personal property, such as appliances and furniture.

Fixed-rate, 30-year mortgages in California range from 5.5 percent to 6.625 percent, according to Loan.com, a Web-based service that compares terms of major lenders.

The loans are meant to replace losses not covered by insurance or other aid.

Businesses that qualify for the SBA program can borrow up to $1.5 million at a fixed rate of 4 percent to rebuild or repair fire damage. Low-interest, working-capital loans also are available to help businesses remain solvent while recovering from the fires.

To receive a disaster loan, applicants must have an acceptable credit history and a dependable stream of income large enough to cover monthly payments, which begin five months after the financing is delivered. The loan money is delivered in increments based on the progress of construction.

The loans could be ideal for fire victims who don’t have savings to tap for repairs or would take a big tax hit for liquidating stock investments, said Jon Beyrer, a certified financial planner from Solana Beach and spokesman for the Financial Planning Association of San Diego.

On the other hand, people who already are saddled with expensive mortgages might have a tough time absorbing the cost of additional debt, he said.

SBA Administrator Steven Preston pitched the loans to wildfire victims yesterday morning as he toured the devastated Westwood area of Rancho Bernardo and visited the agency’s loan application booth at the disaster assistance center.

Preston walked across the charred rubble of several houses at Duenda Road and Lutz Place. In most cases, little was left besides concrete slabs, brick chimneys and piles of ash.

“The destruction of these homes is complete and total,” he said. “You can almost envision family activities in these footprints.”

Preston said the SBA should be able to process most loan applications within two weeks, and loan recipients should get their first payment shortly after completing closing documents and returning the paperwork to the SBA.

That wasn’t the case after Katrina.

Four months after the hurricane slammed into New Orleans and the coastline of Mississippi, leaving behind catastrophic flooding and wind damage, the SBA had a backlog of 204,000 loan applications from storm victims, according to a report issued early this year by the federal Government Accountability Office.

The GAO faulted the agency for failing to plan for large-scale disaster, not having enough adequately trained staffers to handle the flood of loan applications that followed the storm, and depending on a computer system that didn’t have enough capacity to process the loan requests rapidly.

Since Katrina, the agency has developed a new detailed disaster recovery plan, increased its staffers trained in disaster lendingfrom about 800 workers to 4,300 and quadrupled the loan-processing capacity of its computer system.

“We are a totally different agency than we were two years ago,” said Preston, who was sworn into office in July 2006, nearly a year after Katrina struck.

SBA spokesman Jenkins said the agency has more than enough resources to handle the workload that will result from this week’s wildfires in Southern California.

“We’re ready,” he said. “I think people are going to be very pleased with how quickly we respond.”

——————————————————————————–
Keith Darce: (619) 293-1020; keith.darce@un

[Raybyrnes]

I got this informaiton out of todays Union Tribune. The author is Keith Darce 619-293-1020 [email protected]. Section C1 is where the article begins.

[Raybyrnes]

I got this informaiton out of todays Union Tribune. The author is Keith Darce 619-293-1020 [email protected]. Section C1 is where the article begins.

[Raybyrnes]

I got this informaiton out of todays Union Tribune. The author is Keith Darce 619-293-1020 [email protected]. Section C1 is where the article begins.

[Raybyrnes]

CarlsbadMtnBiker

Spot on. Any broker tell you that they are expecting increases of 300% is setting you up. This way when they place business witha differnt carrier that PAYS THEM a higher commiosn you don’t feel so bad and are happy for all the hard work he did.

Insurance is heavily regulated. There is a ton of public information out there. Please do not buy into the hype. It is fairly sickening to hear people make these claims about increases and they have no clue what they are talking about.

Let me present an insurance broker at work. 2 Homeowners policies with equivalent coverage. One Policy is 1700 a year but pays him 17% of the premium. The other policy is 1200 a year but only pays 7%. He will either not tell you about the 1200$ policy or will sell you the 1200 policy but charge you a 500$ broker fee.

Other brokers just try to volume out as many policies as they can and will simply sell the 1200 policy all day. Anytime he see the name of a comapny that he know he has a better price than he is going to solicit your business and ask if your interest in reviewing your policy to se if he can save you money. He already know going in that he is going to cost less.

[Author]

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