LOS ANGELES COUNTYCOMMUNITY
DEVELOPMENT COMMISSION PROGRAMS
Home Owenrship Programs
Home
Ownership Program (HOP) provides 0% interest loans to
assist low-income first-time owner occupied homebuyers in purchasing
a home. Repayment of the loan is due when property is sold, transferred,
or refinanced. The HOP provides loans between $20,000-$25,000 or 25%
of the purchase price whichever is lowest. Loans are secured by a
second trust deed and a promissory note. Loans are amortized over
20 years. The loans are shared equity loans with no monthly payments. Contact: (323) 890-7281
Mortgage
Credit Certificate Program (MCC) offers the first time homebuyer
a federal income tax credit. This credit reduces the amount of federal
taxes the holder of the certificate would pay. It can also help the
first time homebuyer qualify for a loan by allowing a lender to reduce
the housing expense ratio by the amount of tax savings.
The qualified homebuyer who is awarded an MCC may take an annual
credit against their federal income taxes paid on the homebuyer’s
mortgage. The credit is subtracted dollar-for-dollar from your federal
income taxes. The qualified buyer is awarded a tax credit of up to
15%. Contact: (323) 890-7281
The
Southern California Home Financing Authority Revenue Bond Program
(SCHFA) is a joint powers authority between Los Angeles and Orange
County formed in June 1988 to issue tax-exempt mortgage revenue bonds
for low and moderate First Time Homebuyers. To date SCHFA has help
thousands of individuals and families fulfill their dreams of becoming
homeowners. SCHFA offers the following two programs:
- Regular Mortgage
Revenue Bond Program offered by the Community Development
Commission of the County of Los Angeles on behalf of the SCHFA provides
a first mortgage loan with a reduced interest rate and a gift of
3.5% of the loan amount to be applied towards down payment, closing
costs and/or prepaid items.
- Teachers Mortgage
Revenue Bond Program was established to recruit and retain
and provide homeownership opportunities to credentialed teachers,
principals, and assistant/vice principals who are First Time Homebuyers
purchasing homes in the County of Los Angeles. Applicants must be
employed full-time in a California K-12 public school with an Academic
Performance Index ranking of 1, 2, 3, and commit to teach or serve
in a Low Performing School for 5 years. The program provides a first mortgage
loan with a reduced interest rate. Each homebuyer will also receive
$7,500 to be applied towards the down payment, non-recurring closing
cost and/or prepaid items which consists of a gift for $4,000 and
a second mortgage loan for $3,500 forgiven/deferred payment loan. Contact: (323) 809-7249
Los
Angeles County Median Income for fiscal Year 2001
