General Plan - Moreno Valley

CHAPTER 8 – HOUSINGIn 1993, the City of Moreno Valley’s“Comprehensive Affordable HousingStrategy” included a gap analysismethodology to identify the potentialsubsidy requirements for the purchase of atypical three-bedroom house forhouseholds at different income levels. Thegap analysis allows the City to identifysubsidy needs at different income levels,thus allowing the City to tailor housingassistance programs to the community’sneeds, market conditions and availableresources. The gap analysis has beenupdated to reflect costs and income levelsfor 2002 (Table 8-6).Tools like the gap analysis have made itpossible for the City to better understandthe subsidy needs of potentialhomeowners and in response developMORENO VALLEY GENERAL PLANprograms that facilitate homeownership.Given its resources and the level of subsidyneeded among first time homebuyers, theCity of Moreno Valley has developed aHomebuyer Assistance Program (HAP), toassist families in the purchase of their firsthome. Since new home purchases require asignificant level of assistance, the City hastargeted existing homes in neighborhoodswhere stabilization is needed. Assistance isprovided in the form of a deferred-paymentloan and may be provided for the downpayment and/or closing costs associatedwith the price of the house. Maximumassistance for properties located in certainfocus neighborhoods is $20,000. Since itsinception in 1998, the program has assisted32 households in purchasing homes.Page 8-10 July 11, 2006