HomeMy WebLinkAboutReso 1995-17884 RESOLUTION NO. 17884
JOINT RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA,
CALIFORNIA: APPROVING THE MORTGAGE CREDIT
CERTIFICATE PROGRAM AND ASSIGN ITS ALLOCATION AND
PROGRAM TO THE AGENCY TO IMPLEMENT; AUTHORIZING
THE AGENCY TO APPLY TO THE CALIFORNIA DEBT LIMIT
ALLOCATION COMMITTEE FOR AN ALLOCATION OF
QUALIFIED MORTGAGE BONDS; ELECTING TO EXCHANGE
SAID ALLOCATION FOR MORTGAGE CREDIT CERTIFICATES,
CERTIFYING THE AVAILABILITY OF FUNDS FOR THE REQUIRED
PERFORMANCE DEPOSIT OF ~100,000; APPROVING THE
STANDARD FORM LENDER PARTICIPATION AGREEMENT, AND
AUTHORIZING ITS EXECUTION IN CONNECTION WITH
LENDERS APPROVED BY THE EXECUTIVE DIRECTOR
WHEREAS, the Health and Safety Code of the State of California, commencing at
Section 50171, ("the Act") authorizes cities or their redevelopment agencies to issue
mortgage credit certificates pursuant to a duly adopted and qualifying mortgage credit
certificate program ("MCC Program"); and,
WHEREAS, federal law limits the amount of mortgage credit certificates that may be
issued in any calendar year by entities within a state and authorizes the legislature of such
state to provide the method of allocation within the state; and,
WHEREAS, Chapter 3.5 of Part I Division 31 of the Health and Safety Code,
commencing at Section 50171, governs the allocation among governmental units in the state
having the authority to issue mortgage credit certificates; and,
WHEREAS, Section 50191 of the Act requires a local agency to file an application with
the California Debt Limit Allocation Committee ("Committee") prior to the issuance of
mortgage credit certificates; and,
WHEREAS, the Committee has, under the authority of Health and Safety Code Section
50191, required a deposit of up to 1 percent of the portion of the allocation requested.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA DOES
HEREBY FIND, DETERMINE, ORDER, AND RESOLVE AS FOLLOWS:
SECTION 1. City Approval of MCC Program
City Council hereby approves the City of Chuia Vista Mortgage Credit
Certificate Program in the form of the document entitled "MCC Operating
Manual", dated July 1991, a copy of which is on file in the Office of the
City Clerk registered therein as Document No. C091-127 (" MCC Program ").
Resolution No. 17884
Page 2
SECTION 2. Assignment of Allocation and MCC Program
Pursuant to the authority of Health and Safety Code Section 50193, or such
other provision of law which permits same, the City Council hereby assigns
all of its allocation of qualified mortgage bonds under Chapter 3.5 of
Division 31 of the Health and Safety Code to the Redevelopment Agency
of the City of Chula Vista, and delegates the authority and responsibility to
implement and administer the MCC Program to the Agency.
SECTION 3. Acceptance of Assignment by Agency
The Agency Board accepts the assignment of the City's allocation of
qualified mortgage bonds, and accepts the authority and duty to implement
and administer the MCC Program. Agency further agrees to issue MCCs to
qualifying homeowners of property located within the territory of the City,
provided however, that if, after a reasonable attempt and for reasons
beyond the control of the Agency, the Agency is unable to issue all of the
assigned certificates to homeowners of property located within the territory
of the City, any remaining certificates may be issued to qualifying
homeowners of property located within the county of San Diego.
SECTION 4. Agency's Application for Allocation
The Agency Board approves the application for an allocation of qualified
mortgage bonds in the amount of -~10,000,000, a copy of which is on file
with the City Clerk registered therein as Document No. CO 91-127, to
Committee, and authorizes the Executive Director to execute said
application, and deliver notice of same to the Committee.
SECTION 5. Agency Sets Aside 10% of Allocation for Lower Income Households
The Agency agrees to set aside 10% of the allocation received from the
State of California for low income households (Those households earning
80% or less of area median income). If the set-aside is unused, this set-
aside may be released by the following formula: One-half of the unexpected
set-aside funds released after twelve months, and the remainder at the end
of eighteen months.
SECTION 6. Authority to Convert to Mortgage Credit Certificate
Pursuant to the authority of Section 59197.2, the Agency Board hereby
elects to exchange all of its authority to issue qualified mortgage bonds for
authority to issue mortgage credit certificates ("MCC's"). The Executive
Director shall notify the Committee of its election, and explain to the
Committee the mechanism established in its program that will assure that
the dollar amount of the mortgage credit certificate authority will not be
exceeded.
Resolution No. 17884
Page 3
SECTION 7. Availability of Funds for Deposit
The Agency hereby certifies the availability of $100,000 for a deposit as
required by the Committee under the authority of Section 50191, Health
and Safety Code.
SECTION 8. Authority to Certify Funds and Agreement to Forfeiture Rule
The City Manager, or his designee, the Finance Director, or other written
designee, is hereby authorized to certify the amount of ~100,000, and
maintain certification in accordance with the current rules and regulations
of the Committee, and to certify such fact to the Committee, including the
promise to pay same over to the Committee upon a event of forfeiture.
SECTION 9. Approval of Standard Form Lender Participation Agreement
The Agency does hereby approve the standard form Lender Participation
Agreement, known as document number CO95-059, in substantially the
form as is on file in the Office of the City Clerk, registered there as
Document No. CO91-127, and authorizes the Executive Director to solicit
qualified lenders willing to agree to the terms and conditions contained in
same, and willing to comply with the MCC Program, and authorizes the
," Executive Director to execute same with such lenders as meet with the
approval of the Executive Director. The Agency General Counsel is
authorized to make minor modifications in the standard form as meet with
his approval, not involving a substantially greater risk for the Agency.
SECTION 10. This resolution shall take and be in full force and effect immediately upon
the passage and adoption hereof.
SECTION 11. Minutes.
The City Clerk and Secretary to the Agency shall certify to the passage and
adoption of this Resolution; shall enter the same in the book of original
Resolutions of said City and the Agency; and shall make a minute of the
passage and adoption hereof in the minutes of the meeting at which the
same is passed and adopted.
Presented by Approved/a,s to form
"
Community Development Director ' '
Resolution No. 17884
Page 4
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 2nd day of May, 1995, by the following vote:
YES: Councilmembers: Alevy, Moot, Padilia, Rindone
NOES: Councilmembers: None
ABSENT: Councilmembers: Horton
ABSTAIN: Councilmembers: None
ATTEST:
Beverly . Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 17884 was duly passed, approved, and adopted by the City
Council at a Joint City Council/Redevelopment Agency meeting held on the 2nd day of May,
1995.
Executed this 2nd day of May, 1995.
Beverly A~Authelet, City Clerk
T
MEMORANDUM
August 7, 1995
TO:
All Lenders and Brokers
Judith Foland, MCC Program Administrat~
FROM:
SUBJECT:
LENDER PARTICIPATION AGREEMENT FOR THE CITY OF CHULA
VISTA MORTGAGE CREDIT CERTIFICATE PROGRAM (MCC)
Attached is a City of Chula Vista Lender Participation Agreement for the Mortgage Credit
Certificate Program (MCC) along with a MCC Information Circular. In order to become
eligible to participate in the Chula Vista MCC program the Lender Participation Agreement must
be signed and returned along with a check in the amount of $250 made payable to the City of
Chula Vista Redevelopment Agency.
Once the check has been received, a Lender Package will be mailed directly to you. The Lender
Package will include the Chula Vista MCC Program Manual and all relevant forms. A Lender
training may be required to familiarize the Lender or Broker of the MCC Program requirements.
It is imperative that you completely read the MCC Program Manual and the MCC forms since
it details the requirements of the program.
The turn-around time for processing MCC applications is 10 days - no exceptions.
If you should have any questions regarding the MCC Program, please contact me at 691-5036.
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CHULA VISTA REDEVELOPMENT AGENCY
MORTGAGE CREDIT CERTIFICATE PROGRAM
LENDER PARTICIPATION AGREEMENT
THIS AGREEMENT made and entered into as of the day of , 19_,.
by and between the Redevelopment Agency of the City of Chula Vista ("City") and
. (hereinafter referred to as the "Lender").
WITNESSETH:
WHEREAS, the Tax Reform Act of 1984 establishes the Mortgage Credit Certificate
Program as a means of assisting qualified individuals with the acquisition of new and existing
single family housing; and
WHEREAS, pursuant to Chapter 1399, Statutes of 1985 Section 50197, et seq of the
Health and Safety Code, local issuers, such as the City, are authorized to issue Mortgage Credit
Certificates ("MCC's") and promulgate and administer its own local Mortgage Credit Certificate
Program, as same may from time to time be amended (hereinafter referred to as the "MCC
Program"); and
WHEREAS, by Resolution No. 1184 adopted July 9, 1991, the City Council of the City
of Chula Vista has established a MCC Program and directed the Community Development
Department to administer the MCC Program pursuant to the applicable federal, state, and local
laws, policies, and procedures; and
WHEREAS, the Lender wishes to participate in the MCC Program administered by the
City of Chula Vista in connection with mortgage loans it will make available for the acquisition
of new and existing single-family housing.
NOW, THEREFORE, in consideration of the promises set forth herein, the parties agree
as follows:
1. Particioation in Orientation.
The Lender agrees to attend and participate in training and orientation sessions for the
MCC program sponsored by the City.
2. Warrantv of Knowledf!e.
The lender warrants that it is familiar with the Internal Revenue Code, and in particular
Section 103A, and all temporary and permanent regulations issued pursuant thereto applicable
to the issuance of Mortgage Credit Certificates, and the Federal and City's MCC Program as
well as all provisions of state law applicable to the MCC Program. The Lender hereby agrees
MCC2.WP
July 3, 1991
Lender Participation Agreement, MCC Program
Page 1
to comply witlI all provisions of applicable federal and state law, and said regulatioils and
guidelines.
3. Desil'.nation of Lender as City's Al'.ent.
In reliance on the foregoing warranty and promises, the City of Chula Vista hereby
designates the Lender as its agent for receipt and processing of applications from home
buyerslborrowers for MCCs under the City's Mortgage Credit Certificate Program.
4. Duty to Inform Potential Borrowers.
The Lender will make information regarding the MCC Program available to potential
borrowers, and will solicit interest in applying for MCCs from potentially qualifying borrowers.
5. Duty to Process Applications.
The Lender will process and review the application for any potential borrower in order
to determine eligibility for the Program. In this connection, the Lender will obtain from the
borrower all documents and information required for the application for (and receipt of) a MCC
as directed by the City.
6. Fee Rel'.ulation: MCC Application Fee.
The Lender will charge a potential borrower applying for an MCC only those reasonable
fees as would be charged to a potential borrower applying for mortgages not provided in
connection with an MCC except for the imposition of a Mortgage Credit Certificate Application
Fee. Notwithstanding the foregoing, the Lender may charge each borrower an application fee
of $150.00 for processing each MCC.
7. Dutv to Reauest Reservation of MCC.
The Lender will, from the Borrower's application, make a tentative determination of the
Borrower's eligibility for a MCC, and upon tentatively concluding a Borrower is so eligible, will
request the City in writing, on such forms and by such procedures as the City shall specify,
reserve a MCC for such Borrower. Upon such request, the Lender will pay the City $100.00.
This request for reservation of a MCC shall herein be referred to as the "Initial Submittal
Phase". The City shall have the discretion at all times to issue a MCC. City will issue a
"Reservation Letter" to the Lender upon reserving the MCC.
8. Dutv to Oualifv Borrowers.
The Lender will perform all investigation and verification that it would customarily
perform for underwriting a mortgage or loan without regard to the fact that an MCC is being
applied for, or may be issued by City. In addition, the Lender will, upon receipt of City's
Reservation Letter, conduct such reasonable investigation as is necessary to certify that the
applicant has satisfied all requirements of the MCC Program, including those imposed by
temporary and permanent regulations issued pursuant to the Internal Revenue Code and the City.
Notwithstanding any other qualifying criteria, the Lender shall not deem a borrower qualified
MCC2.WP
July 3, 1991
Lender Participation Agreement, MCC Program
Page 2
for a MCC if the Lender would othenvise qualify the borrower, according to its normal rules
and regulations, for a loan without the MCC.
9. Dutv to Submit Final Determination.
At such time as the Lender shall have determined that the Borrower fully qualifies under
the MCC Program for a MCC, the Lender shall submit to City all documentation, including
verification of income, supporting the Lender's determination, on such forms and according to
such procedures as City shall specify, for the City's review and approval.
10. Duty to Issue Certificate.
Upon the City's determination that (1) it has issued a Reservation Letter for the
Borrower; (2) the Borrower qualifies for a MCC under the MCC Program and this agreement;
(3) the Borrower has not made any material misrepresentations in connection with the loan or
MCC application process; and (4) Borrower's escrow for the Loan is otherwise ready for closure
except for the MCC, the City shall, except for just cause as determined by the City, use good
faith and best efforts to issue the Mortgage Credit Certificate to the Borrower according to the
rules and regulations of the MCC Program.
11. Withdrawal or Termination of the Loan Application.
The Lender hereby agrees that it will immediately notify the Community Development
Department of the City of cancellation or rejection of any Borrower's loan or determination of
Borrower's ineligibility so as to permit the City to reapportion its MCC's.
12. Lender's DulY to Inform Citv re: Misrepresentation.
The Lender hereby agrees that is will immediately forward to the Community
Development Department of the City of Chula Vista and the City of Chula Vista Redevelopment
Agency all information which it may receive during the life of the mortgage loan which tends
to indicate that the Borrower misrepresented facts in connection with the application or issuance
of a MCC, or that may affect the applicant's continued eligibility for an MCC.
13. Misrepresentation as a Condition of Default of Loan.
Lender shall make each loan issued in reliance, in whole or in part, on the basis of a
MCC, conditioned, and subject to default, upon determination by the City that the Borrower has
materially misrepresented facts regarding Borrower's eligibility for the MCC.
14. Term: Termination.
This Agreement shall remain in full force and effect until terminated.
A. The Lender may terminate this agreement, without cause, upon sixty (60) days
written notice to the Community Development Department of the City. Notwithstanding any
such termination, the Lender shall file any and all reports required to be filed with the Internal
Revenue Service and shall maintain all records required to be maintained by it pursuant to
MCC2.WP
July 3, 1991
Lender Participation Agreement, MCC Program
Page 3
Section 25 of the Internal Revenue code of 1986 and any regulations thereunder.
B. The City may terminate this Agreement without cause, upon fifteen (IS) days
written notice.
IS. Miscellaneous.
A. Consultant not authorized to Represent City.
Unless specifically authorized herein, or otherwise in writing by City, Consultant
shall have no authority to act as City's agent to bind City to any contractual agreements
whatsoever.
B. Notices.
All notices, demands or requests provided for or permitted to be given pursuant
to this Agreement must be in writing. All notices, demands and requests to be sent to any party
shall be deemed to have been properly given or served if personally served or deposited in the
United States mail, addressed to such party, postage prepaid, registered or certified, with return
receipt requested, at the addresses identified adjacent to the signatures of the parties represented.
C. Entitlement to Subseouent Notices.
No notice to or demand on the parties for notice of an event not herein legally
required to be given shall in itself create the right in the parties to any other or further notice
or demand in the same, similar or other circumstances.
D. Entire Agreement.
This Agreement, together with any other written document referred to or
contemplated herein, embody the entire Agreement and understanding between the parties
relating to the subject matter hereof. Neither this Agreement nor any provision hereof may be
amended, modified, waived or discharged except by an instrument in writing executed by the
party against which enforcement of such amendment, waiver or discharge is sought.
E. Capacity of Parties.
Each signatory and party hereto hereby warrants and represents to the other party
tllat it has legal authority and capacity and direction from its principal to enter into this
Agreement; that all resolutions or other actions have been taken so as to enable it to enter into
this Agreement.
F. Governing Law/Venue.
This Agreement shall be governed by and construed in accordance with the laws
of tlle State of California. Any action arising under or relating to this Agreement shall be
brought only in the federal or state courts located in San Diego County, State of California, and
MCC2.WP
July 3, 1991
Lender Participation Agreement, MCC Program
Page 4
if applicable, the City of Chula Vista, or as close thereto as possible. Venue for this
Agreement, and performance hereunder, shall be the City of Chula Vista.
G. Modification.
No modification or waiver of any provision of this Agreement shall be effective
unless the same shall be in writing and signed by the parties hereto, and then shall be valid only
in the specific instance and for the purpose for which given.
H. Counterparts.
This Agreement may be executed in more than one counterpart, each of which
shall be deemed to be an original but all of which, when taken together shall constitute but one
instrument.
r. Headings.
The captions and headings in this Agreement are for convenience only and shall
not define or limit the provisions hereof.
J. Waiver.
No course of dealing or failure or delay, nor the single failure or delay, or the
partial exercise of any right, power or privilege, on the part of the parties shall operate as a
waiver of any rights herein contained. The making or the acceptance of a payment by either
party with knowledge of the existence of a breach shall not operate or be construed to operate
as a waiver of any such breach.
K. Remedies.
The rights of the parties under this Agreement are cumulative and not exclusive
of any rights or remedies which the parties might otherwise have unless this Agreement provides
to the contrary. No Amendment shall be effective unless in writing and signed by both parties
hereto.
L. No Third Partv Beneficiaries.
Despite the fact that the required performance under this agreement may have any
affect upon persons not parties hereto, the parties specifically intend no benefit therefrom, and
agree that no performance hereunder may be enforced by any person not a party to this
agreement.
M. Hold Harmless.
Lender shall defend, indemnify and hold harmless the 'City, its elected and
appointed officers and employees, from and against all claims for damages, liability, cost and
expenses (including without limitation attorneys' fees) arising out of the conduct of the Lender,
or any agent, employee, or subcontractor of the Lender in connection with the execution of the
MCC2.WP
July 3, 1991
Lender Participation Agreement, MCC Program
Page 5
work covered by this Agreement, except only for those claims arising from the sole negligence
or sole willful conduct of the City, its officers, or employees. Lender's indemnification shall
include any and all costs, expenses, attorneys' fees and liability incurred by the City, its officers
agents, or employees in defending against such claims, whether the same proceed to judgement
or not. Further, Lender, at its own expense shall, upon written request by the City, defend any
such suit or action brought against the City, its officers, agents, or employees.
(End of Page. Next Page is Signature Page.)
MCC2. WP
July 3, 1991
Lender Participation Agreement, MCC Program
Page 6
.
Signature Page to
LENDER PARTICIPATION AGREEMENT
Now therefore, the parties hereto, having read and understood the terms and conditions
of this agreement, do hereby express their consent to the terms hereof by setting their hand'
hereto on the date set forth adjacent thereto.
Dated: July 3, 1991
Redevelopment Agency of the
City of Chula Vista
by:
John D. Goss, its Executive Director
Approved as to Form:
Bruce M. Boogaard
City Attorney
Lender's Signature
Dated: July 3, 1991
by:
Title of Signatory:
Office Location:
Telephone:
Contact Person:
MCC2.WP
July 3, 1991
Lender Participation Agreement, MCC Program
Page 7
MCC CONSUMER INFORMATION CIRCULAR
PROVIDED BY
THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
A. GENERAL OVERVIEW
The Mortgage Credit Certificate Program, authorized by Congress in the Tax Reform Act of 1984, is an alternative
to mortgage revenue bond-backed fmancing as a means of providing financial assistance for the purchase of single-
family housing. In 1985, the State of California adopted legislation authorizing local bond issuing agencies to make
Mortgage Credit Certificates (MCCs) available in California. The amount of the allocation is converted to an MCC
allocation on a 4: I ratio. This Program is designed primarily to benefit first-time home buyers of new or existing
housing units throughout the Citv of Chula Vista.
The MCC allocation has been divided into three categories: Targeted Areas, Non-targeted Areas, and Low Income
Set Aside. In compliance with Federal law , twenty percent (20 %) of the allocation received is set aside for at least
one year for des,ignated targeted areas (Appendix A). In addition, there is a local policy decision to set aside an
additional 10% of the MCC allocation for low income households (with income not to exceed 80% of the median
income of the area). The non-targeted category would include all other households with income not to exceed the
maximum MCC income limits.
WHAT IS A MCC?
The MCC operates as an IRS tax credit. The qualified home buyer will be eligible to take a Federal Income Tax
credit of twenty (20%) percent of the annual interest paid on the mortgage. The MCC tax credit reduces the federal
income taxes of qualified home buyers purchasing qualified harries, thus having the effect of subsidizing their
payments. The qualified home buyer has use of more of their income to spend on buying a home. As a result,
their effective home buying power is increased.
WHAT IS THE DIFFERENCE BETWEEN A "TAX CREDIT" AND A "TAX DEDUCTION?"
A "tax credit" entitles a taxpayer to subtract the amount of the credit from their total federal income tax liability,
receiving a dollar for dollar savings. A tax deduction is subtracted from the adjusted gross income before federal
income taxes are compmed. With a deduction, only a percentage of the amount deducted is realized in savings.
The following example illustrates how a credit is much more valuable than a deduction.
TABLE I-I
VALUE OF A TAX CREDIT vs TAX DEDUCTION
TAX CREDIT
TAX DEDue:noN
Total Income
Deductions
$ 35,000
o
$ 35,000
2.000
-.j.
TOTAL TAXABLE INCOME
Federal Income Tax Liability
Credit
$ 35,000
5,776
2.000
$ 33,000
5,216
o
TAXES PAID
$ 3,776
$ 5,216
NOTE: Table 1-1 shows that for the same dollar value, a $2,000 credit reduces the federal income taxes paid by
$1,440; more than the $2,000 deduction ($5,216 - $3,776 = $1,440).
1
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0...)
WHAT HAPPENS IF A QUALIFIED HOME BUYER CANNOT USE THE ENTIRE AMOU1'.'T OF THE
MCC CREDIT FOR TilE YEAR IN WHICH IT APPLIES?
If the amount of MCC exceeds the home buyer's tax liability reduced by any other personal credits for the tax year,
the unused portion 'of the credit can be carried forward to the next three tax years or until used, whichever comes
first. The home buyer will have to keep track of the unused credit by year. The Current year credit is applied first
and then the oldest amount of unused credit applied next.
WHAT KIND OF PROPERTIES ARE ELlGmLE?
A MCC can only be used for new (never previously occupied) or existin2 single-family homes including single
family detached homes, condominiums, half plexes, or townhouses in the City of Chula Vista. Duplexes, triplexes,
or four plexes ~ qualify as eligible structures.
WHAT LOANS CAN BE USED WITH A MCC?
MCCs can be used with conventional, fixed-rate, or adjustable rate loans, FHA, and VA loans, and privately
insured loans. MCCs are not available with bond-backed loans such as California Housing Finance Agency
(CHFA) and CAL VET loans that carry a below-market fixed interest rate, or with refinanced loans.
The Agency does not underwrite loans. Lenders will process the underlying mortgages using standard procedures,
with adjustments to those procedures as needed in order to utilize the MCC in qualifying home buyers. Attachment
A is a Current listing of the Depanment's approved lenders.
WHAT ARE TIiE PURCHASE PRICE AND INCOME LIMITATIONS FOR MCC HOLDERS?
Mortgage Credit Certificates will generally be made available to first-time home buyers in the City ofChula Vista.
Table 1-3 shows the purchase price and income limitations for MCC Program panicipants. The execution of
required State and Federal Certificates or Affidavits for the MCC Program will be performed under Agency
agreement by lenders panicipating in the program.
TABLE 1-3
MORTGAGE CREDIT CERTIFICATE PROGRAM
PURCHASE PRICE AND INCOME LIMITATIONS
MAXIMUM BUYER INCOME
Non-Targeted Areas
1-2 person household
3 + person household
$45,400
$52,210
Low Income 10% set-aside
1-2 person household
3 + person household
$26,450
$33,050
-.j.
Targeted Census Tracts 20% set-aside
1-2 person household
3 + person household
$54,480
$63,560
3
TARGETED CENSUS TRACTS
All of Chula Vista is divided into numbered census tracts. The following is a complete listing of the census tracts
within the City of Chula Vista which are federally targeted for special treatment under the MCC Program. Buyers
purchasing homes in these census tracts can be, but do not have to be, first time home buyers. The income and
purchase price maximums are also higher in the census tracts.
Twenty percent (20 %) of the City of Chula Vista's MCC allocation is set aside for the purchases in targeted census
tracts. The following are the targeted census tracts in the City of Chula Vista:
123.02
124.D1
124.02
125.00
126.00
127.00
131.01
131.02
132.D1
132.02
132.03
132.04
-.j.
5
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CITY OF CHULA VISTA
MORTGAGE CREDIT CERTIFICATE PROGRAM
PARTICIPATING LENDERS
Home Owners Mortgage, Inc.
4190 Bonita Road, Suite 208
Bonita, CA 91901
(619) 479-6505
Mesa Mortgage Company
3505 Camino Del Rio South, Suite 160
San Diego, CA 92108
(619) 280-6611
Guild Mortgage Company
4180 Ruffin Road, Suite 230
San Diego, CA 92123
(619) 268-7361
Western Financial Savings Bank
7877 Parkway Drive # 1 B
La Mesa, CA 91942
(619) 460-2100
Countrywide Home Mortgage Loans
265 "E" Street
Chula Vista, CA 91910
(619) 425'{)960
The Mortgage Company
9988 Hibert Street, Suite 104
San Diego, CA 92131
(619) 578'{)271
First California Mortgage Company
3914 Murphy Canyon Road, Suite A250
San Diego, CA 92123
(619) 569-1562
AccuBanc Mortgage Corporation
5075 Shoreham Place, Suite 180
San Diego, CA 92122
(619) 587'{)271
Federal Mortgage Funding
7150 Broadway
Lemon Grove, CA 91945
(619)465-5888
World Savings and Loan
3870 Murphy Canyon Road, Suite 350
San Diego, CA 92123
(619) 560-4500
National Home Mortgage
5565 Morehouse Drive, 3rd Floor
San Diego, CA 92121
1-8oo-542'{)786
World Savings and Loan
335 "H" Street
Chula Vista, CA 91910
(619) 425-3750
American West Mortgage Inc.
4130 Bonita Road, Suite B
Bonita, CA 91902
(619) 472-1500
Nationwide Home Loans, Inc.
2820 Camino Del Rio South, Suite 204
San Diego, CA 92108
(619) 688-7944
Commonwealth United Mortgage
3450 Bonita Road, Suite 201
Chula Vista, CA 91910
(619) 476.{)401
Mortgage Loan Services
5858 Ml. Alifan Drive, Suite 204
San Diego, CA 92111
(619) 492-9262
PR Mortgage
320 East "H" Street, Suite B
Chula Vista, CA 91910
(619) 476-3930
TCS Mortgage
9968 Hibert Street, Suite 100
San Diego, CA 92131
(619) 621-6262
~ -"-:.1.
Directors Mortgage
5375 Mira Sorrento Place, Suite 120
San Diego, CA 92121
(619) 458-9949
The Horton Financial Group
1550 Hotel Circle North,Suite 390
San Diego, CA 92108
(619) 291-6200
6
Rio Vista Mortgage COl1'oration
8880 Rio San Diego Drive, Suite 1090
San Diego, CA 92108
(619) 497-2200
CTX Mortgage Company
3530 Camino Del Rio North, Suite 101
San Diego, CA 92108
(6]9) 584-5300
Renet Financial
(619) 597-4171
Medallion Mortgage Company
5010 Shoreham Place, Suite 250
San Diego, CA 91910
(619) 450-6020
Southern Cal. Mortgage Exchange
6165 Greenwich Drive, 1/320
San Diego, CA 92122
(619) 558-2700
American Residential Mortgage
4111 Home Avenue, Suite C
San Diego, CA 92105-5203
(619) 263-0077
Kaufman & Broad Mortgage Company
12636 High Bluff Drive, Suite 360
San Diego, CA 92130
(619) 793-7820
U.S. Mortgage Company
6153 Fairmount Avenue, Suite 215
San Diego, CA 92120
(619) 584-5625
CFC Mortgage
2655 Camino Del Rio North, Suite 300
San Diego, CA 92108
(619) 220-5599
Investment One
3517 Camino Del Rio South, Suite 201
San Diego, CA 92108
(619) 283-7222
EMH Financial
(619) 425-6180
Ameristar Financial
5405 Morehouse Drive, Suite 330
San Diego, CA 92121
(619) 450-9866
Com Unity Lending Corp
5625 Ruffm Road
San Diego, CA 92123
Ad Valorem Realty
(619) 474-2585
Pacific States Mortgage
4190 Bonita Road, Suite 207
Bonita, CA 91902
(619) 470-1019
Sun Harbor Mortgage
(619) 282-7100
Mortgage West
737 Third Avenue, Suite C
Chu1a Vista, CA 91910
Pacific Property Mortgage
11770 Bernardo Court, Suite 250
San Diego, CA 92128
(619) 673-6363
Hamilton Financial
9]91 Towne Centre Drive, Suite 155
San Diego, CA 92117
(619) 552-8803
Colonial Bancol1'
6363 Greenwich Drive, Suite 150
San Diego, CA 92122
(619) 535-4100
Imperial Credit Industries
5880 Oberlin Drive, Suite 200
San Diego, CA 92121
(619) 453-5269
Morgan Home Loan Funding
9672 Via Excelencia, Suite 203
San Diego, CA 92126
(619) 693-1854
~,~.r.
Plaza Home Mortgage Servicing COI1'.
6256 Greenwich Drive, Suite 120
San Diego, CA 92122
(619) 554-0535
8
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