3A Public Hearing 2010 0315 - Laserfiche WebLink

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Mortgage Credit Certificate (MCC) Program. Accomplishments First Time Homebuyer Information Seminars The City sponsors free homebuyer information seminars to interested first time homebuyers. The homebuyer seminars guide new homebuyers through the home buying process making them more informed homebuyers, and thus more successful homeowners. The program is funded with Redevelopment Housing Set-Aside funds. Over the next five (S}years, two (2) seminars will be held annually with an expectation that thirty (30) households will attend annually. This will result in at least ten (10) seminars and 150 households attending for the 2010-2014 Consolidated Plan period. First Time Home Buyers Program ^ The City's First Time Home Buyers Program provides low interest second loans up to $20,000 to qualified low- and moderate-income homebuyers. This program is funded with Redevelopment Housing Set-Aside funds. The program will assist approximately fifteen (15) low- and moderate-first time homebuyers in the next five (5) years. Inclusionary Zoning Ordinance The Inclusionary Zoning Ordinance, which the City adopted in December 2004, requires that developers of new rental and ownership housing Gity-wide make at least fifteen percent (15%) of the units affordable to low- and moderate-income households. Projects with less than six (6) ownership units may instead opt to pay an in lieu fee. Over the next five (5) years, the City anticipates creating fifteen {15) affordable ownership units through inclusionary zoning. Mortgage Credit Certificate (MCC) Program The City of San Leandro will annually contribute Redevelopment Housing Set-Aside funds toward the administrative costs of the Mortgage Credit Certificate (MCC) Program. Coordinated by the Alameda County Housing & Community Development Department, the MCC program allows low- and moderate-income homebuyers to deduct 15% of their annual mortgage interest payments on their federal income tax returns. The deduction effectively lowers the dollar amount of their monthly mortgage payments. Approximately twenty-five (25) certificates are expected to be issued to low- and moderate-income homebuyers in San Leandro during the next five (5) years. Geographic Distribution All programs listed are available to eligible households throughout the City of San Leandro. DRAFT Housing and Community Development Strategic Plan - FY 2010-14 City of San Leandro Page 12