June 19, 1998
Now lower income families won't have to give up one good thing for another if they want to lower their mortgage payments. Thanks to a new program offered by San Diego Housing Commission and other housing organizations throughout the county, home owners that enjoy the tax savings of the federal Mortgage Credit Certificate (MCC) program can keep their MCC benefits if they choose to refinance.
Coinciding with National Homeownership Week, San Diego Housing Commission, San Diego County Housing and Community Development Department, the cities of National City, Chula Vista and Escondido are simultaneously introducing the Reissued Mortgage Credit Certificate program (RMCC).
"This will be a great help for families needing to lower their mortgage payments," said Nancy Williams, San Diego Housing Commission Programs & Policy manager.
Thousands of local residents have financed homes through the MCC program, which makes home ownership more affordable for lower income households by using federal income tax credits to increase the loan amount the buyer can qualify for, while also increasing take-home pay. The RMCC program allows MCC participants to later refinance their home to get a better rate while still retaining the benefits of the MCC.
Currently, 4,165 MCCs are in use by home owners county-wide, including 2,270 issued by San Diego Housing Commission, 1,106 by the San Diego County Housing and Community Development Department, 325 by National City, 378 by Chula Vista and 86 by Escondido.
Each of these housing organizations has contracted with Affordable Housing Association (AHA!), a San Diego-based company specializing in MCCs, to administer the RMCC program. AHA! will be responsible for training lenders, developing marketing materials, processing applications, responding to public inquiries, and preparing reports for the contracting agency.
National Homeownership Week is a campaign led by the federal Department of Housing and Urban Development (HUD) to help and encourage more Americans to buy their first home.
For information about RMCC program, contact AHA!, (619) 292-3300.