Down Payment and Housing Assistance Programs for the City of Alameda

First Time Homebuyer Workshops - Hundreds of people have taken advantage of the City’s Home Buyer Workshop. The workshops cover the complete home buying process including the following topics:

Overview of the Home Buying Process

• Credit & Budgeting
• Qualifying for a Loan
• The City’s Downpayment Assistance Program
• The Loan Application/Preapproval Process
• Selecting a Home
• Role of the Real Estate Agent
• Home Maintenance
• Foreclosure Prevention

Down Payment Assistance Programs – The Downpayment Assistance Program offers generous financial assistance to first time homebuyers looking to purchase a home in Alameda. The program provides loans from $50,000 to $80,000 and is available to households with a wide range of incomes. Eligible uses of program funds include downpayment and/or closing costs for the purchase of a single family residence anywhere in Alameda.

To view the Down Payment Assistance Program brochure, click here.

Alameda County Mortgage Credit Certificates - The Mortgage Credit Certificate Program (MCC) is a federal program that helps first-time homebuyers to qualify for mortgage loans. MCCs give homebuyers a “dollar for dollar” tax credit against federal income taxes equal to up to fifteen percent (15%) of annual mortgage interest. By effectively reducing monthly mortgage payments, MCCs give homebuyers greater ability to qualify for and support a mortgage loan. Program participants are subject to limits on maximum household income and maximum home purchase price. If the home buyers’ tax liability is lower than their available MCC tax credit, they can carry forward the unused tax credit for three additional years.

The MCC program for the City of Alameda is administered by the Alameda County Housing and Community Development Department. The County has administered the MCC program since 1989, assisting home buyers in traditionally high-cost housing markets throughout Alameda County. Since 1994, 110 households have been assisted through the MCC program in the City of Alameda. From 1999 through 2003, seven Alameda households were assisted through the Alameda County MCC for more information about the MCC program, or to obtain a list of participating lenders, contact the Alameda County Housing and Community Development Department office at (510) 670-5246, or visit their website at www.acgov.org/cda/mcc_program/.