OWNER-OCCUPIED REHABILITATION
OWNER- The property must be owner-occupied.
- The property must be a manufactured home not on a permanent foundation.
- The minimum loan amount for eligible Borrowers is $1,000; the maximum is $100,000.
- Applicant household income cannot exceed 80% of Los Angeles County Area Median Income (AMI).
- Current maxium income is: For a family of 1: $77,700 / For a family of 2: $88,800 / For a family of 3: $99,900 / For a family of 4: $110,950 / For a family of 5: $119,850 / For a family of 6: $128,7500 / For a family of 7: $137,600 / For a family of 8: $146,500
PROPERTY GUIDELINES- The property must be within the City of La Puente’s limits/boundaries.
- Occupancy Ratio: No more than 1.5 people per living space (including bedrooms, living room, family room, den/study).
CalHome Program funds in support of an Owner-Occupied Rehabilitation Program shall be used only for the following costs:
- a) Cost of rehabilitation of the home.
- b) Cost of building permits and other related government fees.
- c) Cost of an appraisal, architectural, engineering, and other consultant services that are directly related to the rehabilitation of the property.
- d) Non-recurring loan closing costs.
- e) Replacement cost of a manufactured home not on a permanent foundation, where it has been determined by the Recipient that it is infeasible to rehabilitate the home.
LOAN TERMS- Principal and interest payments shall be deferred with 0% interest for the term of the CalHome Program Loan.
The full loan amount becomes due and payable in the following circumstances:
- a) Sale or transfer of the property, excluding permitted transfers.
- b) The owner no longer occupies the home as their primary residence.
PAYMENT BREAKDOWNThe loan shall be due and payable in 20 years, with 10% of the original principal to be forgiven annually for each additional year beyond the 10th year that the Borrower owns and continuously occupies the home.
Example: The original loan amount is $100,000 with a 0% simple interest.
Full amount due, no deductions.
10% Reduction from principal amount, lowering amount to $90,000.00.
10% additional Reduction from principal amount, lowering amount to $80,000.00.
10% additional Reduction from principal amount, lowering amount to $70,000.00.
10% additional Reduction from principal amount, lowering amount to $60,000.00.
10% additional Reduction from principal amount, lowering amount to $50,000.00.
10% additional Reduction from principal amount, lowering amount to $40,000.00.
10% additional Reduction from principal amount, lowering amount to $30,000.00.
10% additional Reduction from principal amount, lowering amount to $20,000.00.
10% additional Reduction from principal amount, lowering amount to $10,000.00.
Final 10% Reduction, with a remaining balance of $0.00 — No further payments will be required after the 20th year of continuous occupancy.
HOW TO APPLY!The City of La Puente has been awarded a CalHome Grant, which assists eligible Homeowners with Manufactured Homes through deferred-payment loans for down payment assistance and home rehabilitation.
Please complete the form, and we will contact you as soon as possible.
CONTACT FORM