BREA : City to Participate in Housing Program
The city will participate in a program that will give financial assistance to low- and moderate-income home buyers in an effort to help them qualify for mortgages.
“It’s another tool that the city can use in our attempt to develop a comprehensive housing program,” Assistant City Manager Tim O’Donnell said. “We are participating in a program that allows people to claim income tax credits to be able to qualify for a loan.”
The Mortgage Credit Certificate Program, which is run by county officials, increases first-time home buyers’ income after taxes, making it easier for them to qualify for loans, city officials said.
To be eligible for the program, which is already in place in Anaheim, Buena Park, Santa Ana and Garden Grove, a family of three or more people, for example, must earn less than $64,974 a year; live, work or have relatives in Brea; and purchase a home priced below $240,030.
The city will ask for a $4-million allocation from the county, which will help about 27 home buyers over a two-year period, said Susan M. Georgino, the redevelopment services director.
The City Council approved the program last week with a 4-0 vote. Councilman Carrey J. Nelson was absent.
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