The City of Palm Springs affordable housing opportunities come from numerous sources. These resources are distributed through the programs listed below:
Riverside County Mortgage Credit Certificate
The Mortgage Credit Certificate Program (MCC) is a federal program that helps first-time homebuyers to qualify for mortgage loans. MCCs give homebuyers a “dollar for dollar” tax credit against federal income taxes equal to up to fifteen percent (15%) of annual mortgage interest. By effectively reducing monthly mortgage payments, MCCs give homebuyers greater ability to qualify for and support a mortgage loan. Program participants are subject to limits on maximum household income and maximum home purchase price. Additionally, a certain Census Tract within the City qualifies as a Target Area, commonly known as the Baristo and Midtown Neighborhoods. If the home buyers’ tax liability is lower than their available MCC tax credit, they can carry forward the unused tax credit for three additional years.
California Housing Finance Agency (CalHFA)
CalHFA has supported the needs of first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for individuals within specified income ranges. For more information about the MCC program, or to obtain a list of participating lenders, contact the EDA at 310.342.1250 or visit their website.
The American Recovery and Reinvestment Act (ARRA) provided for the initial First-Time Homebuyer Credit Program on any home purchased as the taxpayer’s principal residence and located in the United States qualifies.
Homebuyer Assistance and Counseling is available through various organizations to individuals and families looking to purchase a home in Palm Springs.
Fair Housing Council of Riverside County, Inc. is a non profit agency that offers confidential counseling to help you review your current financial situation and develop a financial plan to meet your financial needs. The counseling session is designed to help you develop a monthly spending plan and discuss possible options that enable you to meet your mortgage obligations. A Counselor will also contact your lender to provide mediation services and help you apply for loan modifications and other workout programs. For more information on this program, please contact Fair Housing Council of Riverside County, Inc. at 951.682-6581 or visit their website.
Hope Now is an alliance between counselors, servicers, investors, and other mortgage market participants to prevent foreclosures by providing outreach, counseling, and assistance to homeowners. Counselors are trained to set up a plan of action designed just for you and your situation. Counselors provide in-depth debt management, credit counseling, and overall foreclosure counseling. For more information on the HOPE NOW program, please contact HOPE NOW at 888.995.HOPE (4673) or visit their website.
CA Bureau of Real Estate is a State department in charge of real estate broker licensing and consumer complaints with respect to real estate transactions. Offers license checks of mortgage brokers and lenders and a consumer complaint form. Also provides additional links for foreclosure prevention information and avoiding mortgage foreclosure scams.
Springboard Nonprofit Consumer Credit Management is a non-profit community service agency that offers personal financial education and assistance with money, credit and debt management through confidential counseling. Springboard provides homeownership preservation and foreclosure prevention counseling. Springboard also provides pre-bankruptcy counseling and debtor education. For more information on Springboards programs, please contact Springboard at 800.449.0650.
Neighborhood Partnership Housing Services (NPHS) - is a local nonprofit community development organization part of the Neighborworks® Network which is dedicated to building stronger communities by providing down payment options, homebuyer education, homeownership retention counseling (foreclosure prevention counseling), financial literacy workshops and neighborhood revitalization services for families. NPHS is also approved by the United States Department of Housing and Urban Development (HUD) as a Housing Counseling Agency. For more information on their programs please contact NPHS at 909.988.5979.
U.S. Department of Housing & Urban Development (HUD) - HUD's Tips for Avoiding Foreclosure and links and toll-free phone numbers to HUD-approved housing counseling agencies.