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.
- 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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