Montebello Housing Development Corporation

EMPOWERING FAMILIES THROUGHOUT LOS ANGELES COUNTY TO REALIZE THE AMERICAN DREAM. MHDC HELPS INFORM, EDUCATE AND FACILITATE HOME OWNERSHIP FOR FIRST TIME HOMEBUYERS.

HOME COUNSELINGTHIS PROGRAM PROVIDES HOUSING COUNSELING FOR PRE-PURCHASE AND LOSS MITIGATION. DURING THE YEAR, THE ORGANIZATION SERVED 194 FAMILIES AND PROVIDED HOUSING COUNSELING SERVICES.

DEVELOPMENT PROJECTS1) PARAMOUNT PLAZASOON AFTER DEPARTING FROM THE CITY OF MONTEBELLO AS AN ADVISORY COMMISSION AND BECOMING AN INDEPENDENT NON-PROFIT, THE AGENCY ACQUIRED ITS OWN BUILDING, PARAMOUNT PLAZA, AND ITS OWN STAFF TO CARRY OUT ITS PROGRAMS AND SERVICES. PARAMOUNT PLAZA IS AN OFFICE CONDO BUILDING MANAGED BY MHDC AND ALSO THE LOCATION OF MHDC'S HEADQUARTER FACILITIES. IN ADDITION TO ADMINISTRATIVE OFFICE SPACE, IT CONTAINS CLASSROOM SPACE TO SERVE OUR FIRST-TIME HOMEBUYER EDUCATION CLASSES. THE BUILDING ALSO CONTAINS LEASABLE OFFICE SPACE WHICH SERVES AS A REVENUE STREAM. THIS ALLOWS MHDC TO REMAIN FINANCIALLY SUSTAINABLE.2) BELLA MONTE HOMESBELLA MONTE HOMES IS A SIX-HOME SINGLE-FAMILY HOME PLANNED UNIT DEVELOPMENT PROJECT IN THE CITY OF MONTEBELLO. THIS PROJECT WAS BUILT AFTER THE DEMISE OF REDEVELOPMENT AGENCIES. ON THIS PROJECT THE CITY DONATED THE LAND AND A SMALL AMOUNT OF HUD FUNDING. MHDC OBTAINED CONSTRUCTION FINANCING AND BUILT THE PROJECT. BECAUSE OF A LACK OF REDEVELOPMENT FUNDING, SALES WERE TARGETED TO BUYERS IN THE MODERATE-INCOME RANGE WITH LAYERED DOWN PAYMENT ASSISTANCE.3) CAROB WAY HOMESCAROB WAY HOMES IS A FOUR-LOT SINGLE FAMILY HOME PROJECT IN THE CITY OF MONTEBELLO. IT IS WHAT IS COMMONLY DESCRIBED AS A SMALL LOT PLANNED UNIT DEVELOPMENT. THIS PROJECT WAS MADE POSSIBLE BY HUD FINANCIAL ASSISTANCE FROM THE CITY FOR SITE ACQUISITION COSTS. MHDC OBTAINED CONSTRUCTION LOAN FINANCING, BUILT THE PROJECT AND RESTRICTED SALES TO LOW-MODERATE INCOME BUYERS.

HOMEBUYER EDUCATIONTHE FIRST-TIME HOMEBUYER PROGRAM INCLUDES ONE-ON-ONE COUNSELING TO PREPARE CLIENTS TO BE MORTGAGE READY, CREDIT AND BUDGET COUNSELING, AND 8-HOUR HUD APPROVED HOMEBUYER EDUCATION CLASS VIA ZOOM VIDEO RECORDING. THE 8-HOUR HOMEBUYER EDUCATION CLASS COVERS ALL ASPECTS OF THE HOME BUYING PROCESS, FROM QUALIFYING TO CLOSING. DURING THE YEAR, THE ORGANIZATION SERVED 193 PEOPLE BY PROVIDING HUD-APPROVED HOMEBUYER EDUCATION.

CAL HOMETHE STATE OF CALIFORNIA HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT AWARDED GRANTS TO MHDC THAT PROVIDE SILENT SECOND MORTGAGE LOANS TO VERY LOW-AND LOW-INCOME, FIRST-TIME HOMEBUYERS IN LOS ANGELES, RIVERSIDE AND SAN BERNARDINO COUNTIES. DURING THE YEAR, THE ORGANIZATION HAD 3 BORROWERS CLOSE LOANS AND PURCHASED A HOME THROUGH THIS PROGRAM.