City Offers Low-Income Residents Cheap Home Improvement Loans

Plus, there's an added bonus for early takers.


The City of Redwood City announced Friday it is offering qualifying low-income residents home improvment loans with low interest - with an added bonus for the first 10 parties to take advantage of the program.

Eligible owners of single-family homes and owners of rental housing located within Redwood City can take part in the offer.

Loan terms: 

  • 3% fixed interest
  • Fully amortized over 15 years
  • No points and no "out-of-pocket" expenses

Repairs may include, but are not limited to:

  • Roof replacement
  • Kitchen and bathroom rehabilitation
  • Foundation and structural repair
  • Interior and exterior paint
  • Plumbing and electrical systems
  • Energy-efficient window replacement
  • New floor coverings

Basic loan qualifications include:

  • Property must be located within incorporated Redwood City.
  • For single-family homes, structures include 1-4 units, one of which must be owner-occupied, and income must not exceed the income eligibility shown below.
  • For rental housing, owners must rent 51% of their units to low-income tenants. Income must not exceed the income eligibility shown below.

2013 Income Eligibility (subject to change):

Number of Persons in Household / Maximum Household Income:

1 / $59,100   
2 / $67,550 
3 / $76,000   
4 / $84,400    
5 / $91,200    
6 / $97,950

The added bonus? The first 10 approved loans will get $1,000 discounted off their payback amount.
Call 650-780-7229 for more information, or visit the program website.

What do you think of this City program? Tell us in the comments below.

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Rick Drain April 02, 2013 at 02:39 AM
I agree with Michelle T. I don't think there are any significant number of low-income mid-peninsula homeowners. If you're talking about rental property (multi-unit buildings include), then your improvement loans are actually a subsidy to a real estate investor. Does the City have demographic data to show, even roughly, how many people would be eligible? Have other cities tried this? Has it worked? Where? If not, whose idea was this, and why do they think it will work?
Mary McLinden April 02, 2013 at 04:31 AM
Once again, low income families qualify for benefits that us middle income folks can only dream of...
Jennifer van der Kleut April 02, 2013 at 01:17 PM
Thank you Barb!
Lou Covey, The Local Motive April 02, 2013 at 02:30 PM
Actually Rick, I know a dozen of them just off the top of my head. I'm one of them.
Cindy b April 06, 2013 at 02:20 PM
With this income range, nowaday weI just live pay check to pay check, how can we own the house? This program should be applied to all home owner who need it and yet can be frist come frist serve.


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