GIVE YOUR HOME OR RENTAL UNIT 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
Fix up your home or rental unit with a little help from the City of Huntington Beach.
Sometimes what would be a nice home or rental unit can fall into disrepair. This may be due to age, weather, or other causes. The City of Huntington Beach is offering homeowners and landlords affordable home improvement financing, if qualified.
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.
If you own your home in the City of Huntington Beach, and you meet the City's designated income and rent limits for the Housing Rehabilitation Loan Program, you may be eligible for a low-interest home improvement loan.
The City will lend up to $75,000 to pay for rehabilitation costs for a single family home, townhouse, or condominium. Grants are also available to low income households whose estimated repair costs do not exceed $10,000 for single family dwellings and mobile homes. Grants and loans cannot be combined.
All loans are deferred payment loans with no monthly payments; all loan principal and interest will be due when the title to your home is sold, assigned or transferred. The annual interest rate for all loans is 3%. All borrowers have to pay a $500 processing fee for title search, recording, and other costs; this fee may be included in your loan.
If you own rental units, you may qualify for a Multifamily Rental Housing Rehab Loan. The City provides up to $75,000 for repairs to duplex, triplex or four-plex units. The loan provided will be a deferred payment loan with an annual interest rate of 3%.
To qualify, you must, after combining all existing mortgages and the City's loan, have a minimum of 20% equity investment in the property. After repairs are completed, the City will require the following during the term of the loan:
You will have to pay a $500 processing fee. Please click on the following link to review other important requirements pertaining to Multifamily Rental Housing Rehabilitation Loans:
|1.||Contact the City's consultant, GRC Associates, Inc. at (626) 331-6373.|
|2.||If you are determined to be eligible, an inspector will schedule a visit to your home or rental unit to check for code problems and other home improvement needs.|
|3.||Contractors will be invited to bid on the work for your home — you will select the lowest priced, qualified contractor(s).|
|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.|
|Household Size||Very-Low Income||Low Income|
Income levels are based on the median household income for Orange County and are subject to change.
For more information, contact our rehabilitation loan consultants:
GRC Associates, Inc.
858 S. Oak Park Rd.