Montebello Housing & Development Corporation

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MHDC Homebuyer and Community Programs

Calhome Second Mortgage Loan Program
Funds awarded by the State of California Department of Housing and Community Development are provided as second mortgage loans to first-time homebuyers of low and very low-income means. Purchase of homes must be in the Los Angeles County. 

Must be low or very low income;

Have not had an ownership interest in residential real estate within the preceding three years.

A minimum down payment equal to 3% of the sales price, which amount shall be contributed from the borrower's personal resources or amount may be gifted.

Maximum loan amount is up to $55,000

Buyers must attend a homebuyer education class approved by MHDC.

Fico score must be a 620 or better. 

2012 CalHome Qualifying Income Limits

Household Size Maximum Income
1 $47,250
2 $54,000
3 $60,750
4 $67,450
5 $72,850
6 $78,250
7 $83,650
8 $89,050
Montebello Second Mortgage Loan Program
Provides second mortgage loans to first time homebuyers of low to moderate-income means. These loans are provided for acquisition of homes on the city of Montebello open market. The loans provide the bridge between sales purchase price of homes and the available buying power of the first time homebuyers of low to moderate-income means. The corporation's financial portfolio includes 226 loans since 1993, amounting to a total of $6.2 million dollars. These second mortgage loan funds have delivered over $39 million dollars in mortgage loans from private lenders.
Montebello Mentors Program
The Montebello Mentors Program is lead by Mary and Ruben Beas and is a year long program aimed at Montebello Schools High School students.  This program provides classes in journalism, cable TV show production, and classes in leadership, community, and job opportunities.  Students will analyze their options for the future and assist them in determining whether vocational or college goals are best for them.
Corporate Homeownership Seminar
This seminar is presented by the (MHDC) staff to meet the growing needs for new ways to expand homeownership opportunities to underserved communities. The seminar focuses on providing information to employees on the many homeownership programs available in Montebello and the surrounding communities. The seminar will provide information to your employees in achieving their dream to homeownership. Employers can work with MHDC staff in an effort to facilitate presentations to their employees at no cost.
Foreclosure Avoidance and Assistance Program
MHDC has experienced a high level of calls for assistance from clients experiencing varying levels of foreclosure problems.  Over the past year calls have increased over 200% and according to industry professionals this trend will continue into 2009.  Although the government and the industry is developing programs to address this national problem, MHDC has developed a program that empowers our graduates with knowledge to avoid foreclosure.  MHDC believes that empowering our clients with education to know how to avoid foreclosure and help clients better understand how MHDC can assist them through these difficult times, will even the odds of maintaining homeownership.
Homeownership Education Program
Classes are offered to individuals interested in home ownership (Classes are mandatory for recipients of MHDC assistance). First Time Homebuyers are encouraged to attend these classes in order to better understand the many issues and responsibilities of homeownership. Current homeowners are also encouraged to attend these classes to obtain the most current information on home buying opportunities. Classes are structured in a format that provides eight (8) hours of preacquisition and two (2) hour of post-acquisition format. The MHDC strongly believes that the retention of homeownership is just as important as the purchase of a home.
Neighbor Helping Neighbor & Community Beautification Program
MHDC provides the coordination of this community neighborhood pride project. Community Service Organizations, Churches, Service Clubs, and individual volunteers assist in providing aid to community residents in cleaning and minor rehabilitation of their homes. This program also undertakes community clean-up campaigns in residential and commercial areas. Volunteers are always welcome.  Past partners include the Montebello Rotary Club, Montebello Kiwanis Club, Montebello Rotary Interact club, and Schurr High School Key Club.  Enjoy previous years pictures click here.
Advocacy Program
MHDC's efforts to keep housing issues in the forefront of local awareness demanded that the Board of Directors embrace a Housing Advocacy Policy. Said policy includes participation and affiliation in local agencies such as the Montebello Board of Chamber of Commerce and Industry, The Montebello Board of Realtors, the San Gabriel Valley Hispanic Business Chamber of Commerce, the Latin Business Association, the National Council La Raza and the Southern California Association of Non Profit Housing Agencies.
Homeowner Occupied Rehabilitation Loan Program
This new program, implemented in January 2002, provides low interest loans to Senior Citizens who own and occupy their homes. Funds are provided to address quality of life, safety and modernization type of rehabilitation work. The loan is deferred and is due upon the transfer of title of the property. Loans of up to $20,000 will be provided to individuals who meet the State approved low to moderate-income guidelines. The MHDC works with community service organizations, local churches, youth groups and community members in addressing clean-up related rehabilitation. Contractors will be utilized to address structural rehabilitational work.
 
For questions on any of these programs please feel free to contact MHDC at (323)722-3955 or email us at info@mtbhousingcorp.com.
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