20E - CALHOME REHABILITION & REPLACEMENT PROGRAM

Home Browse Search

CALHOME REHABILITATION AND REPLACEMENT PROGRAM The CalHome Rehabilitation and Replacement in accordance with the requirements of CalHome Program. Program will be operated the State of California Eligible Borrowers · Borrower(s) must be the owner(s) of a single-family home, or of a manufactured/mobile home that is permanently affixed to a space in a legal, properly permitted manufactured housing park. Properties must be located in a CDBG eligible census tract in the City of Santa Ana. · Manufactured homes must be designed for long-term occupancy. Vehicles designed for recreational purposes do not qualify. · Total annual income must be at or below 80 percent of area median income, as published by the U. S. Department of Housing and Urban Development and the California Department of Housing and Community Development. Effective March 31, 2005 the maximum household incomes are as follows: Household Size 1 2 3 4 5 6 7 8 Maximum Income 42,400 48,400 54,500 60,600 65,400 70,200 75,100 79,900 · Borrower (s) must occupy the home as their principal residence, and shall not lease or rent the property during the term of their loan. . Borrowers must have a prudent use of debt obligations. current and a credi t history that demonstrates commitment to meeting financial General Program Guidelines . Funds budgeted annually will be made available on a first-come, first-served basis. Priority for loan funding will be based upon the date and time a completed application and all necessary documents are submitted. The City reserves the right to make the sole determination as to when such completed applications and documents are received. EXHIBIT 1 Page I 20E-3