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<br />CalHome Rehabilitation and <br />Replacement Program <br />April 3, 2006 <br />Page 2 <br /> <br />The maximum CalHome rehabilitation loans will be $15,000 for mobile homes <br />and $75,000 for single-family homes. Previously the maximum loan amounts <br />were $10,000 and $50,000 , respectively. The increases are necessitated <br />by the rising costs of material and labor. Depending on fund <br />availabili ty, the CalHome funds may be leveraged with existing below <br />market interest rate loan programs offered by the City and the Community <br />Redevelopment Agency. <br /> <br />In cases where it is financially infeasible to rehabilitate the mobile <br />home, the owners may be eligible for CalHome replacement loans totaling <br />no more than $ 75,000. Previously the maximum loan amount was $70,000. <br />The increase is necessitated by the rising costs of material and labor. <br />Depending on fund availability, the CalHome funds may be leveraged with <br />existing below market interest rate loan programs offered by the City and <br />the Community Redevelopment Agency. <br /> <br />FISCAL IMPACT <br /> <br />Funds will be available in the CalHome Rehabilitation and Replacement <br />Program fund (account no. 143-149-6951), Community Development Block <br />Grant fund (account no. 135-148-6951) and in the HOME Investment <br />Partnership Act Program account (account no. 130-148-6951). <br /> <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br /> <br />~~i~~Qi~~ <br /> <br />Executive irector <br />Community Redevelopment <br /> <br />~~..t <br /> <br />j ~rancisco Gutierrez <br />D Executive Director <br />Agency Finance and Management <br /> <br />'0 <br /> <br />Services Agency/~ <br /> <br />PCW/TG/mlr <br /> <br />H:\ACTI0NS\2006 CC\CalHomeRehab&Replaceprog 4-3-06.doc <br /> <br />20E-2 <br />