Laserfiche WebLink
<br />RENTAL REHABILITATION LOAN PROGRAM <br /> <br />The Rental Rehabilitation Loan Program (Program) seeks to <br />benefit low-income households in the City of Santa Ana by <br />facilitating the rehabilitation of multi-family residential <br />buildings, and by the elimination of slum and blight. This <br />Program is designed and implemented in accordance with the <br />Federal laws that govern its funding sources. Should those <br />laws change, the Program may be modified so as to insure <br />continued compliance. Continued operation of the Program <br />is dependent upon availability of funds. The maximum loan <br />amount, excluding loan amounts that may be subject to <br />forgiveness, is $75,000. <br /> <br />General Eligibility Requirements <br /> <br />Borrowers must be the owners of multi-family residential <br />rental property located in the City of Santa Ana. Priority <br />will be given to properties that have been cited by the <br />City of Santa Ana for failure to comply with the City's <br />municipal code as it relates to the public health and <br />safety in the operation and maintenance of such buildings. <br />Borrowers must complete an application, and must enter into <br />a loan agreement with the City setting forth the terms and <br />conditions of their loans. Borrowers must maintain hazard <br />insurance and, if within a Federally designated Flood <br />Plain, flood insurance for the life of the loan with the <br />City named as an additional insured. Borrowers must agree <br />to accept Section 8 Vouchers for any and all eligible <br />tenants throughout the life of the loan. <br /> <br />All owners of record must have a current credit history <br />that demonstrates prudent use of debt and a commitment to <br />meeting financial obligations, and must execute all loan <br />documents. The total debt on the property, including the <br />rehabilitation loan, must not exceed 90 percent of the <br />appraised, after rehabilitation value of the property. All <br />real estate taxes and mortgage payments must be current. <br /> <br />In addition, the City reserves the right to reject loan <br />applications for other reasons that may, in its sole <br />opinion, put the security of its loan at an unacceptable <br />level of risk. These include, but are not limited to the <br />condition of title, the manner in which ownership is <br />vested, and the general condition of the property. In the <br />event that the City's estimate of the cost to make all <br /> <br />EXHIBIT 1 <br />Page 1 <br /> <br />19D-4 <br />