Owner Occupied Housing Rehabilitation Program
 

PURPOSE:

  To preserve the quality of housing owned and occupied by low and moderate- income families and to continue to expand and revitalize neighborhoods within the City, the City of Shasta Lake Owner Occupied Rehabilitation (OOR) Program provides deferred low interest loans to qualified low and moderate-income homeowners.

 

The loans are made for the purpose of rehabilitating residential properties. Family income and family size determine the type of loan a person may qualify to receive.

 

WHAT IS THE DEFINITION OF OWNER OCCUPIED?

Owner occupied is defined as “the principal residence of the person(s) participating in the Owner Occupied Rehabilitation Program."

 WHO IS ELIGIBLE FOR HOUSING REHABILITATION?:

Households whose income does not exceed 80% of the Area Median Income adjusted by household size.  The income limits follow the State of California Housing and Community Development (HCD) Community Development, which are updated annually.  All eligible applications are subject to loan committee approval*

                      2010 MAXIMUM QUALIFYING INCOME

Household Size

80% of AMI for Shasta County

1

$31,550

2

$36,050

3

$40,550

4

$45,050

5

$48,700

6

$52,300

7

$55,900

8

$59,500

 

HOW DOES YOUR PROPERTY QUALIFY?:

HOW DOES YOUR PROPERTY QUALIFY?

Location:  The home must be located in the City of Shasta Lake City Limits.

Eligible Repairs:   Eligible repairs include weatherization, health and safety, and ADA repairs.  Energy conservation improvements are strongly encouraged.

Property Improvements:  All improvements must be physically attached to the property and permanent in nature.  General property improvements which are not related to health and safety, energy efficiency, or correction of deterioration will not be allowed.   Eligible Properties must be on a permanent foundation.

MUST THE HOME BE LOCATED IN THE CITY OF SHASTA LAKE

Yes, the home must be located within the city limits of the City of Shasta Lake.

HOW MUCH CAN I BORROW?

An eligible owner may qualify for the full cost of the rehabilitation work needed to correct the health and safety issue(s) per the Local Building Code.  The maximum amount of Assistance is $40,000.00 per residence.  Total indebtedness against the property cannot exceed 95% of the value of the unit once the rehabilitation has been completed.

WHAT ARE THE TERMS OF THE LOAN AND INTEREST RATE?

Loan repayment is deferred for 30 years at an annual interest rate of 3% (equity share conditions may apply).  Borrower must pay remaining balance if property is sold, transferred, or converted to rental property at any time during loan period.

City of Shasta Lake OOR loan is recorded as a second mortgage against the property.

IS OWNER OCCUPANCY REQUIRED?  Yes.

WHAT HAPPENS IF A HOMEBUYER DECIDES TO SELL HOME?

The City of Shasta Lake OOR loan is recorded as a second mortgage against the property. The amount of principal borrowed plus any interest will be due in full.

HOW DO I APPLY?

 

Please review the OOR Guidelines Handout and the Required Checklist of Items.  If you feel you are ready to apply for the OOR Program.  Please contact a Program Manager to receive an application packet.

 

Please Note:  This is a summary of the Program Guidelines for the HP Program. 

 

CONTACT:

 

Mailing:  City of Shasta Lake, PO BOX 777, Shasta Lake, CA 96019

 

Physical Address:  City of Shasta Lake, 1650 Stanton Drive, Shasta Lake, CA 96019

 

Fax#: (530) 275-7419

 

Program Managers:

 

Jessaca Lugo– (530) 275-7464, email: jessaca.lugo@ci.shasta-lake.ca.us

 

Loree Byzick – (530) 275-7463, email: loree.byzick@ci.shasta-lake.ca.us

 
 

 

 

Text Box: City of Shasta Lake Homepage Housing Programs: Homebuyer Program Owner Occupied Rehab Program Paint Rebate Program Download: OOR Program Guidelines Handout Checklist of Required Documentation OOR Program Brochure Contact Us: Email or Mail City of Shasta Lake PO BOX 777 1650 Stanton Dr Shasta Lake, CA 96019