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The California Department of Housing and Community Development Announces $43 Million for Mortgage Assistance and Rehabilitation Loans
The California Department of Housing and Community Development Announces $43 Million for Mortgage Assistance and Rehabilitation Loans

STATE OF CALIFORNIA – BUSINESS, CONSUMER SERVICES, AND HOUSING AGENCY EDMUND G. BROWN JR., Governor
DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
OFFICE OF THE DIRECTOR

The California Department of Housing and Community Development Announces $43 Million for Mortgage Assistance and Rehabilitation Loans
Sacramento – Homebuyers and homeowners across the state can take advantage of $43 million in mortgage assistance, thanks to the Department of Housing and Community Development (HCD). HCD is distributing the awards for first-time homebuyer mortgage assistance loans and owner-occupied rehabilitation loans through the Department’s CalHOME program.
Forty-five local governments and nonprofit housing organizations will receive funding throughout the state. A detailed listing of the award recipients and the amounts of those awards is attached below.
“The mortgage assistance offered through our CalHOME program is very beneficial and flexible,” said HCD Director, Claudia Cappio. “The loans can either be forgiven or deferred, meaning payments would not need to be made until the home is sold, transferred or paid in full.”
Localities or nonprofit organizations that receive CalHOME awards will in turn make deferred-payment or forgivable loans available to individual homeowners or homebuyers. The awards will fund the following homeowner activities:
• Mortgage assistance for low or very low income first-time homebuyers
• Owner-occupied rehabilitation for low or very low income homeowners
• Manufactured housing rehabilitation for low and very low income homeowners
To qualify as low or very low income, an applicant’s household income cannot exceed 80 percent of the county median income adjusted for family size. See HCD’s county by county income limits chart for details.
In 2006, California voters approved Proposition 1C, the Housing and Emergency Shelter Trust Fund Act of 2006. Prop 1C extended HCD’s existing CalHOME Program. The intent of the CalHOME Program is to increase homeownership, encourage neighborhood revitalization and sustainable development, and maximize use of existing homes.
The California Department of Housing

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