The purpose of the program is to preserve and improve existing housing and to eliminate health and safety problems. Secured deferred loans up to $25,000 are available to income-qualified homeowners for eligible home improvements. There are no payments during the deferment period and no interest is assessed on the loan at anytime. The loan is due in full if the property is sold or there is a title transfer, under certain refinance conditions, or if the property is rented.
Properties with second mortgages are not eligible for these programs. All programs are funded on a first-come, first-served, available funding basis.
Deferred Loan Reconveyance Process and Subordination Policy
The Community Development Division follows a Deferred Loan Reconveyance Process when Housing Rehabilitation loans must be repaid. Repayment is required if the home is sold, converted into a rental, or is refinanced to remove equity.
The Community Development Division follows a Subordination Policy whenever past participants of the Housing Rehabilitation program want to refinance their loan. City staff are not permitted to make exceptions to this policy under any circumstance.