The funds will be used to provide Mortgage Credit Certificates to qualified first-time homebuyers. The certificates allow qualified buyers to receive a federal income tax credit of up to 15 percent of the interest they pay on their mortgage.
"Housing is one of the biggest issues facing working families in Santa Clara County," Santa Clara County Board of Supervisors Chairman Pete McHugh said in a statement. "Through the Mortgage Credit Certificate Program, residents can increase their buying power by reducing the amount of federal taxes taken out of their wages."
In order to qualify, applicants cannot make more than $94,500 for up to a two-person household or $108,675 for a household with three or more people. The home purchase price cannot be larger that $630,000 for a new home or $570,000 for an older home.
More information about the program can be obtained by calling the county's Office of Affordable Housing at (408) 441-4323.
