Politics & Government

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: 

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  • 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:

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  • 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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