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CalHome Rehabilitation and <br />Replacement Program <br />April 3, 2006 <br />Page 2 <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 />availability, 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 />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 />FISCAL IMPACT <br />Funds will be available in the CalHome Rehabilitation and Replacement <br />Program fund (account no. 193-149-6951), 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 />APPROVED AS TO FUNDS AND ACCOUNTS: <br />~oLPatricia Whitaker ~~rancisco Gutierrez <br />``~~ Executive irector Executive Director <br />Community Redevelopment Agency Finance and Management Services Agency <br />PCW/TG/mlr <br />H:\ACTI ONS \2 D06 CC\CalHOmeRehab&ReplaceProg 9-3-06. doc <br />20E-2 <br />