The purpose of the Residential Improvement Loan Program is to provide assistance in exterior improvements to residences. Participants typically use the loan to repaint, repair, or replace roofs, garage doors, and/or fences.
There is no payment collected and the loan is forgiven after five years. If the participant sells the house within five years, the loan is repaid with 5% interest.
Type of Eligible Property: Single-family detached homes, condominium units, townhouses, and manufactured homes
Property Location: Within the city limits
Maximum Amount: $7,500 loan
Loan Terms: A 5-year term at 5% interest. The loan is forgiven on the maturity date if the terms have not been breached. If title to the property is transferred, the borrower ceases to occupy the residence, or if the first mortgage is refinanced and cash is taken out, the loan becomes immediately due and payable with 5% interest.
Requirements: The home must be owned and occupied by the applicant(s). The applicant's annual gross income may not exceed the area median income adjusted for family size as listed below:
|
Family size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
|
Income |
43,400 |
49,600 |
55,800 |
62,000
|
67,000 |
71,900 |
76,900 |
81,800 |
Housing staff will perform a pre-inspection of all work to be done to determine its eligibility for funding.
Eligible repairs include:
Code items
Deterioration of the structure or fencing
Repair or replacement of roofing
HVAC systems, wall heaters, and evaporative coolers
Windows, Screens, Garage Doors, Entry Doors
Exterior painting
Electrical
Plumbing
Participants must obtain a minimum of two bids from licensed contractors prior to performance of any work or funding approval. All work must be inspected by housing staff and building inspections, if required, prior to any payment for the work.
Payment may be made directly to the approved contractor or to the homeowner as reimbursement. Work completed before loan approval is not eligible for funding.
For more information, please contact 951-694-6412.
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