TUSTIN : City Will Consider Home-Buyer Plan
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The City Council tonight will consider whether to join a federal program that would help low- and moderate-income individuals and families buy their first home.
The city would be participating for the first time in the Mortgage Credit Certificate program; Anaheim, Buena Park, Garden Grove and Santa Ana have been in the program since 1990.
To be eligible, a family of three or more people must earn less than $64,975 annually and be buying a home that costs no more than $240,000.
In a report to the council, redevelopment program manager Richard Zimmer said that under the program the owner receives a tax credit each year that he or she maintains the original mortgage loan and lives in the residence.
He said several local home builders are interested in participating in the first-time home-buyers program.
In a recent survey, he said, A & M Homes sold 30% of their homes to first-time buyers, RGC Development sold 56% and Akins Development sold 95% of their homes to first-time buyers.
Zimmer said the city is seeking a $6-million allocation from the county, which administers the program and its funds.
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