Laserfiche WebLink
<br />General Program Guidelines <br />· Funds budgeted annually will be made available on a first-come, <br />first-served basis. Priority for loan funding will be based <br />upon the date and time a completed application and all <br />necessary documents are submitted. The City reserves the right <br />to make the sole determination as to when such completed <br />applications and documents are received. <br />· For manufactured homes, loan funds may only be used for repairs <br />necessary to bring the home into compliance with applicable <br />federal and state building codes. All code deficiencies must <br />be addressed. In cases where it is economically infeasible to <br />rehabilitate the home, funds may also be used to purchase, <br />transport and install a new or completely refurbished unit on a <br />spot located in a legally permitted manufactured housing park <br />in the City of Santa Ana. <br />· Funds may not be used to refinance existing debt or for repairs <br />to the park. <br />· For single family homes, all code deficiencies must be <br />addressed, and must account for at least 40 percent of the <br />total rehabilitation cost. <br />· The Loan Committee will make final determination as to the <br />eligibility of specific repairs or purchases. <br />· All persons with an ownership interest in the home must sign <br />the application and all loan documents. <br />· Borrower(s) will be required to carry hazard insurance for the <br />life of the loan. If applicable, they will also be required to <br />carry flood insurance. <br /> <br />Rehabilitation Guidelines <br /> <br />· Licensed general contractors who have <br />licensing and insurance requirements <br />rehabilitation and construction work. <br /> <br />complied with <br />must perform <br /> <br />City <br />all <br /> <br />Ter.ms of Rehabilitation Loans <br />· CalHome Rehabilitation Loans may not be forgiven. <br />· The interest rate for these loans will be zero percent. No <br />loan payments will be due during the term of the loans which <br />will be 30 years. <br />· The entire loan will be due and payable upon sale or transfer <br />of the property, when the property ceases to be owner occupied, <br />or upon the loan maturity date. <br />· Upon the loan maturity date, and in accordance with CalHome <br />Program regulations, these loans may be amortized over a period <br />of time to be determined by Loan Committee, or may be deferred <br />for an addi tional period of time to be determined by Loan <br />Committee. <br /> <br />EXHIBIT 1 <br />Page 2 <br />JT208-5 <br />