GIVE YOUR HOME A NEW LOOK WITH A CITY OF HUNTINGTON BEACH HOME IMPROVEMENT LOAN
THE CITY OF HUNTINGTON BEACH OFFERS LOANS WITH LOW INTEREST RATES AND DEFERRED REPAYMENTS
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Fix up your home with a little help from the City of Huntington Beach Sometimes what would be a nice home can fall into disrepair. This may be due to age, weather, or other causes. Now, thanks to the City of Huntington Beach, homeowners and landlords can get affordable home improvement financing. Make needed repairs and spruce things up a bit around your home with a City of Huntington Beach low interest loan. Funds can be used to correct code problems and for general property improvements. |
The City offers two loan programs:
- Single Family Home Improvement Loans
- Multifamily Rental Housing Rehab Loans
Single Family Home Improvement Loans
If you own your home and your income does not exceed certain income limits, you may be eligible for a Single Family Home Improvement Loan.
The City will lend up to $25,000 to pay for rehabilitation costs for a single family home and up to $15,000 for a mobile home, townhouse, or condominium.
If your income does not exceed the low income limit, your interest rate would be 3% below market, and repayment can be deferred until your home is sold or transferred. If you are moderate income, your interest rate would be 2% below market, with monthly payments spread over 15 years. All borrowers have to pay a $300 processing fee for title search, recording, and other costs — this fee may be included in your loan.
Multifamily Rental Housing Rehab Loans
If you own an apartment building with seven or fewer units and all of the residents are low income, you may qualify for a Multifamily Rental Housing Rehab Loan. The City provides up to $15,000 per unit with an interest rate 2% below market. Loans are repaid over 15 years.
To qualify, you must have a minimum 20% equity investment in the property. After repairs are completed, the City will require the following during the term of the loan:
- No more than one household may occupy a single apartment.
- The amount charged for rent must fall within certain affordability guidelines.
- The property must be well maintained.
- All residents must be low income.
Before your application will be considered, you will have to pay a $500 processing fee.
Application Process
| 1. | Contact the City of Huntington Beach for an application. |
| 2. | If you are determined to be eligible, an inspector will schedule a visit to your home to check for code problems and other home improvement needs. |
| 3. | Contractors will be invited to bid on the work for your home — the lowest priced, qualified contractor(s) will be selected. |
| 4. | Loan documents will be prepared for an amount to cover the approved work. |
| 5. | Contractors will be given approval to begin construction after loan documents are signed. Invoices will be sent to the City for payment. |
Homeowner and Tenant Income Limits (2008)
Size |
Low Income |
Moderate Income |
| $32,550 | $52,100 | |
| $37,200 | $59,500 | |
| $41,850 | $66,950 | |
| $46,500 | $74,400 | |
| $50,200 | $80,350 |
Income levels are based on the median household income for Orange County and are subject to change.
Eligibility Factors
- Your income must meet the above eligibility guidelines.
- You must own your home, and it must be in Huntington Beach.
- Your property must be in need of repair to meet City Codes.
- You must have acceptable credit worthiness.
Maximum Loan Amounts
- Single Family Home $25,000
- Mobile Home/Condominium/Town House $15,000
- Multifamily Dwelling $15,000/unit
For more information, contact our rehabilitation loan consultants:
GRC Associates, Inc.
858 S. Oak Park Rd.
Covina, CA
714/536-5585 or 626/331-6373