Service Name: HOUSING REHABILITATION LOAN

Organization Name: HOUSING DEVELOPMENT -- CITY OF OROVILLE

• Description: Provides a low interest Housing Rehabilitation Loan to homeowners in order to promote safe and sanitary living conditions. The loan amounts will be based off of the available equity in the home, however the maximum amount per loan is $75,000. Flexible repayment plans dependent upon ability to repay. Loan repayment is based on the borrower's household income and ability to pay on the funding source criteria. Eligible Improvements include: -Energy efficiency upgrades -Install/replace/repair sewer laterals -Install/replace water meter -Roof repairs and/or replacement -Replace windows with Low-E windows -Painting -Insulation -New flooring -Termite repairs -Lead paint abatement -Electrical upgrades -Sewer/plumbing issues -Energy efficient heating and air conditioning units
• Phone(s):
• Hours: Mon-Thurs: 8am-5pm, Fri 8am-12pm
• Eligibility: Income eligibility is based on total household income and family size: Family Size Annual Income 1 $46,200 2 $52,800 3 $59,400 4 $65,950 5 $71,250 6 $76,550 7 $81,800 8 $87,100 Must provide copies of most recent three months consecutive pay stubs; copies of most recent pension and/or retirement account statements; copies of social security benefits award letter; copies of last two years tax returns (just 1040 portion) and W2s; copies of last six months bank statements for all open accounts (1 month for savings); copy of most recent mortgage statement; copy of current homeowners’ insurance; copy of most recent property tax bill (taxes must be paid current). It can take a few weeks to determine if an applicant's income qualifies for eligibility. Special Eligibility Conditions include (but are not limited to): -Homes located within Oroville City limits -Property must be single-family owner-occupied units or duplex of which at least one unit is owner-occupied -Owner must have owned and resided on the property for at least 6 months prior to applying for the loan -Property owner must not own other properties -Gross family income will include the incomes of all permanent adult members of the household -Home must have equity -Homeowner must have credit score of 620 with nothing in collections and no past due accounts Ineligible improvements: -New construction -Installation of luxury items -Costs of equipment that are not integral structural fixtures (window air condition, washer/dryer, etc.) -The project will be put out for bids. The homeowner will choose which bid they would like to go with. All contractors must be licensed and in good standing with Sam.gov. Homeowners cannot make repairs themselves. Homeowners can pick out specific materials and they will be noted on the bid instructions to bid for those materials.
• Areas Served:
  • United States
• Categories:
  • Home Rehabilitation Services
  • Home Rehabilitation Loans