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Create A Loan Home Rehabilitation Program

The Create a Loan Program is designed to provide financing for home improvements to low-income homeowners in the City and County of Sacramento. The program is available for owner-occupied single family homes.

Program Features:

$50,000 maximum loan
4% simple interest, fixed rate
fully amortized loan, loan terms from 15 – 30 years based on loan amount
loan is due upon sale or transfer of property
- deferred payment option is available to:
  Senior Citizens (62 years or older);
- non-seniors with an existing housing expense that is at least 35% of their income, or who will have an after-rehab housing expense that is at least 40% of their income
deferred payment loans have a loan term of 20 years
funds may be used to finance real property improvements that substantially protect or improve the basic livability or utility of the property
smaller loans ($10,000 or less) available for single or dual repairs such as painting, or a new roof

Eligible Applicants:

Owner occupants of single family homes in the City and County of Sacramento who:

meet Agency underwriting guidelines
are defined as low-income – households with income less than or equal to eighty percent (80%) of the area median income adjusted for household size. Current income limits are:

1-person $39,750

2-person $45,450

3-person $51,100

4-person $56,800

5-person $61,350

6-person $65,900

Eligible Properties:

Single family homes in the City and County of Sacramento. The funding source used will determine if there is an after-rehabilitation value cap. This program is not available in Citrus Heights, Rancho Cordova and Elk Grove.

Application Procedure:

A written loan application must be submitted to our office to start the application procedure. For additional information or for an application, please call (916) 264-1500.

02/26/2008

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