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SJN Votes Homebuyer Assistance Program
|FOR IMMEDIATE RELEASE
September 26, 2008
CONTACT: Kathryn Feather
Supervisor Janet Nguyen Votes To Revive
First-Time Homebuyer Assistance Program
(Santa Ana) Supervisor Janet Nguyen joined her colleagues in a unanimous vote to revive an assistance program aimed at helping first-time buyers get into Orange County homes. The program offers mortgage credit certificates to first-time homebuyers, thus providing a break in federal taxes.
Now that the program has been reinstated, those who received credits in past years can use them now if they refinance their home. This assistance program is based on a program offered by the state of California, in which debt limits are periodically allocated to each county, which then allows for the granting of federal tax credits to qualified home buyers.
“With home ownership comes individual pride, neighborhood pride and a true sense of community,” said Supervisor Janet Nguyen. “The first district has wonderful neighborhoods, and it is my hope that, with this assistance program, more people will be able to achieve the dream of owning their own home.”
The program began in 1990 and the credit can total up to 20 percent of the total mortgage interest paid by a homeowner in one year. Several hundred homeowners have taken advantage of the credit in prior years and many more could apply in this buyers market.
As Orange County home prices continue to drop more than 30 percent over a year ago and foreclosures remain high, especially in the first district, Supervisor Janet Nguyen hopes this program will allow more people to stay in their homes and allow others to get into the housing market.
Photo Caption: Supervisor Janet Nguyen, Chairman John Moorlach, and Vice-Chair Pat Bates discuss issues at the Board of Supervisors meeting.
Supervisor Janet Nguyen represents the First District on the Orange County Board of Supervisors and is Chair of the OCTA’s Transit Committee. She represents more than 600,000 people, covering the cities of Garden Grove, Santa Ana, Westminster and the unincorporated community of Midway City. Orange County ranks sixth in the nation as the most populous county and has the seventh highest annual budget in the country.