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Program Layering Policy

The purpose of this policy is to detail how the Agency homebuyer assistance programs may be combined in order to maximize the benefits to buyers, especially those buying properties in the Agency target areas. This policy also allows assistance to buyers of new Inclusionary or Affordable Program homes and to buyers under the Public Housing Authority sales programs.

Target Areas

Buyers of properties in targeted areas may layer up to four Agency Programs:

First-Time Homebuyer Program (FTHB)
up to $40,000 or

CalHome Program
up to $40,000 or

BEGIN Program $30,000

American Dream Downpayment Initiative (ADDI)
$10,000

Target Area Homebuyer Program (where available)
$ 5,000

Mortgage Credit Certificate Program (MCC)
Tax Credit

City and Countywide

Buyers of properties throughout the City and County may layer up to three Agency Programs:

First-Time Homebuyer Program (FTHB)	up to $40,000 or
BEGIN Program	$30,000
American Dream Downpayment Initiative (ADDI)	$10,000
Mortgage Credit Certificate Program (MCC)	Tax Credit

Inclusionary and Affordable Housing Programs

Buyers may combine the following programs when buying an Inclusionary or Affordable Housing Home:

First-Time Home Buyer Program –“ Limited”	up to $20,000 or
CalHome Program - "Limited"	up to $20,000
American Dream Downpayment Initiative (ADDI)	$10,000
Mortgage Credit Certificate (MCC)	Tax Credit

Public Housing Sales Programs

5(h) Homes for Sale Program

5(h) - seller carry back financing 35 percent - 50 percent of purchase price
First-Time Home Buyer Program	up to $40,000 or
CalHome Program	up to $40,000
American Dream Downpayment Initiative (ADDI)	$10,000
Mortgage Credit Certificate Program (MCC)	Tax Credit

Sec. 32 - Homeownership Program

First-Time Home Buyer Program “Limited”	up to $20,000 or
CalHome Program - "Limited"	up to $20,000
American Dream Downpayment Initiative (ADDI)	$10,000
Target Area Program (when applicable)	$5,000
Mortgage Credit Certificate Program (MCC)	Tax Credit

HCV Program (not being offered at this time)

First-Time Home Buyer Program “Limited”	up to $20,000
American Dream Downpayment Initiative (ADDI)	$10,000

Target Area Definitions

Agency target areas include residential redevelopment areas including: Alkali Flat, Del Paso Heights, North Sacramento, Oak Park, Army Depot, Franklin Boulevard, Florin Road, 65th Street, and Stockton Boulevard. Target areas also include the MCC and CalHome federally designated target areas. These census tracts are on file in the Loan Processing Department.

Combined Loan- to-Value

To enable the multiple layering of various down payment, closing costs, and mortgage assistance programs, the Agency will allow a maximum combined loan-to-value ratio not to exceed 105 percent. This not only includes Agency assistance, but other assistance programs as well.

When combining Agency programs, the most restrictive program guidelines will apply.

01/31/2008

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