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The
City of Lompoc has created a Single
Family Rehabilitation Program to provide the necessary financial assistance
to low & moderate income Lompoc citizens whose property is in
need of rehabilitation and necessary repairs. A loan is secured by
a lien recorded on the home. In most cases, the City will only assume
a first or second trust deed position on title of property.
The City’s goal is to provide current income
qualified residents the opportunity to make home improvements &
repairs at minimal cost and allow them to protect and/or increase
the value of their investment.
We hope to improve the quality of life for our low
income families and seniors living in our city.
Interest Rate
- 7 years
- 15 years
- 20 years
- Borrowers 60 years of age or older may defer
their loan until sale or transfer of title.
- Up to $50,000; $45,000 for actual rehabilitation
work and up to $5,000 for soft costs (title fees, permits, inspections,
etc.)
- Up to $60,000 for room additions (available for
overcrowded conditions only).
-
Plumbing, roof, windows, painting, flooring,
electrical, heating, fumigation, cabinets, landscaping, built-in
appliances, etc.
-
The repair of any health and safety code violations
will be given priority as part of the loan conditions.
You must own and live in a property within the City
of Lompoc.
Household income must not exceed levels established
by the U.S. Department of Housing and Urban Development (HUD) for
Santa Barbara County. Check with the Economic Development Department
for income limits.
LTV is the estimated value of the home less the
amount owed, otherwise known as equity. The amount owed must include
all liens placed on the property, including the rehabilitation loan
you are applying for. The qualifying equity in the home must be 10%
or greater, after rehabilitation.
ha creado un programa
para la Rehabilitación de casas para proveer la ayuda financiera
necesaria a los residentes de Lompoc que sus ingresos son bajos
o moderadamente bajos y que su propiedad necesita rehabilitarse
y hacer las reparaciones necesarias. Se garantiza un prestamo con
gravamen o obligacion con la casa. En muchos casos la ciudad asumirá
solamenta la primera o segunda escritura de la propiedad.
La meta de la ciudad de Lompoc es
proveer a los residentes actuales que tienen ingresos y que cualifiquen
para ser mejoras y reparaciones a sus casas a un costo minimo y permitirles
a proteger y/o aumentar el valor de su inversión.
Esperamos mejorar la calidad de
vida de nuestras familias de bajo ingreso y a los envejecientes que
viven en las vecindades de bajo ingreso en nuestra ciudad.
- 3% tasa de interés fijo completamente amortizado
- 4% tasa de interés fijo en préstamos diferidos (60
anos de edad o mayor solamente)
- Hasta $50,000; $45,000 por el trabajo de rehabilitación
y hasta $5,000 para honorarios del titulo, permisos, inspecciones,
etc.
- Hasta $60,000 para añadir cuartos (disponible para condiciones
en donde se vine apiñado)
...Las cantidades de los préstamos anteriores
no pueden ser combinados.
- Plomeria, techos, ventanas, pintura, pisos,
trabajos eléctricos, calefaccion, fumigación, gabinetes,
mejoras al paisaje, equipo empotrado (built-in appliances) etc.
- La reparación de las violaciones
del codigo de salud y seguridad pueden ser requeridas como parte
de las condiciones para el préstamo.
Usted debe poseer una casa en los límites
de la ciudad de Lompoc.
Su ingreso no debe pasar los niveles (basado en
el número por familias) establecido por el Departamento de
Viviendas y Desarrollo Urbano (HUD) para el coudado de Santa Barbara.
LTV es el valor estimado de su casa, menos la
cantidad que se debe, conocida como el valor de la casa. La cantidad
adeudada debe incluir todas las obligaciones en contra de su propiedad
incluyendo el préstamo de rehabilitatión que usted
esta solicitando o desea solictar. El valor calificativo en su casa
debe ser 10% o mayor despues de la rehabilitación.
has created a Multi-Family
Rehabilitation Program to provide the necessary financial assistance
to property owners with low & moderately low income tenants whose
properties are in need of rehabilitation and necessary repairs. A
Multi-Family loan is secured by a lien recorded on the property. The
City may assume a first, second, or third trust deed position on title
of property.
The City of Lompoc’s goal
is to provide current Multi-Family property owners the opportunity
to make property improvements & repairs at minimal cost and allow
them to protect and/or increase the value of their investment while
improving the quality of life for our low income families and seniors
living in these units which are located in the redevelopment and low
income neighborhoods of our City.
- 3% fixed interest rate fully amortized (30 year affordability
covenant)
- 5% fixed interest rate fully amortized (affordability covenant
tied to loan term)
A recorded document signed by the property owner
that governs rents on the property. The covenant states that rents
will be affordable to low and very low income tenants (no more than
30% of household income should be spend on rent).
A minimum of 20 percent of the units either must
be rented to very low income families at affordable rents or must
be rented at rates that would not exceed 30 percent of the annual
income of a family earning 50 percent of the area median.
Based on number of units:
# of Units |
Max. Loan |
# of Units |
Max. Loan |
3 |
$45,000 |
7 |
$77,000 |
4 |
$56,000 |
8 |
$80,000 |
5 |
$65,000 |
9 |
$85,500 |
6 |
$72,000 |
10 |
$90,000 |
5 years, 10 years, 15 years or 20 years.
- Plumbing, roofs, painting, flooring, electrical, fumigation, cabinets,
landscaping, built-in appliances, relocation, remediation of lead
based paint, etc.
- The repair of some health and safety code violations may be required
as part of the loan conditions.
Your property must be located within the City
of Lompoc’s Redevelopment or Low-Mod Census Tract Areas*.
Income levels of 51% of tenants occupying rehabilitated
units must not exceed the levels (based on household size) established
by the U.S. Department of Housing and Urban Development (HUD) for
Santa Barbara County* (Income levels may change annually).
LTV is the estimated value of your property less
the amount owed, otherwise known as equity. The amount owed includes
all liens placed on the property, including the rehabilitation loan
you are requesting. The qualifying equity in your property must
be 5% or greater, after rehabilitation.
A general information notice must be sent to all
tenants informing them of your application to the City for a Rehabilitation
Loan, on or before the day your completed application is turned
in. We provide sample notices in your loan application package. You may NOT evict a tenant for the purpose of acquiring
this rehabilitation loan. Any tenants that are temporarily
relocated or displaced for the purposes of rehabilitation must be
documented, noticed, and compensated according to HUD regulations.
Relocation costs may be incorporated into your
loan upon approval.
Contact the Economic Development Department to
verify current qualification requirements.
For more information on these and other Economic Development programs,
please contact:
Chanel Toledo
Grant Records Technician
Phone: 805-875-8041
c_toledo@ci.lompoc.ca.us
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