Low- and moderate-income residents may qualify for city programs.
By BARBARA GIASONE The Orange County Register
FULLERTON – Housing rehabilitation loans for residents financially strapped to fix plumbing, repair faulty wiring or add a new roof are available through the city's Housing and community Development Office.
Deferred and below-market interest rate loans are funded through the federal Housing and Urban Development Department's Community Development Block Grant Program.
Low- and moderate-income residents who qualify may receive below-market rate loans of up to $35,000. The loans carry a 6 percent or below interest rate. The maximum repayment period is 15 years.
Those unable to qualify for the below-market loans may qualify for a deferred loan, said Sylvia Chavez, housing programs assistant. Deferred loans require no monthly payments and no interest. The loans, which are reviewed every 15 years for eligibility, come due upon the sale or transfer of the home.
Senior citizen homeowners, ages 62 or older who only receive federal or state financial assistance, are allowed to bypass the bank application and apply directly for a deferred loan.
2 comments:
Hi Neighbors, Don't bother calling Sylvia. I just spoke to her & she is very nice and helpful however these federal funds only apply to the interior of condos, not roofs and plumbing. Sorry for raising any hopes. Howard #60
What's the deal with the assessment costs??? Something like 10,000 per owner or something that we are expected to pay within a few months or something. I don't understand this...please does anyone understand???
#71
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