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Target Area Create A Loan Home Rehabilitation Program

The Target Area Create a Loan Program is designed to provide financing for home improvements to low-to-moderate income homeowners in the City and County of Sacramento. This program offers special financing incentives for owner-occupied single family homes located in Agency designated Target Areas. Currently, the program is only available in the Oak Park and North Sacramento Redevelopment Areas.

Program Features:

$50,000 maximum loan – in conjunction with the loan, an exterior beautification grant of up to $10,000 is available
no interest rate is charged on this loan
deferred payment loan – 20 year loan term
loan is due upon sale or transfer of property
loans funded with tax increment funding will have a forty-five (45) year regulatory restriction
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
special refinancing of up to $5,000 from available loan funds may be used to refinance an existing lien on the property such as a small loan or judgment

Eligible Applicants:

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

meet Agency underwriting guidelines
households with income less than or equal to one hundred ten percent (110%) of the area median income adjusted for household size. Current income limits are:

1-person $54,670

2-person $62,480

3-person $70,290

4-person $78,100

5-person $84,370

6-person $90,640

Eligible Properties:

Single family homes in designated Target Areas in the City and County of Sacramento.

Eligible Target Areas:

Currently the program is only offered in the Oak Park and North Sacramento Redevelopment Areas.

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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