The Residential Improvement Loan Program is on HOLD at this time pending the California Supreme Court's ruling on the California Redevelopment Association's lawsuit in January 2012. RDA will not be accepting applications at this time.
The purpose of the Residential Improvement Loan Program is to provide assistance in exterior improvements to residences. Participants typically use the loan to repaint, repair, or replace roofs, garage doors, and/or fences.
There is no payment collected and the loan is forgiven after five years. If the participant sells the house within five years, the loan is repaid with 5% interest.
Type of Eligible Property: Single-family detached homes, condominium units, townhouses, and manufactured homes
Property Location: Within the city limits
Maximum Amount: $10,000 loan
Loan Terms: A 5-year term at 5% interest. The loan is forgiven on the maturity date if the terms have not been breached. If title to the property is transferred, the borrower ceases to occupy the residence, or if the first mortgage is refinanced and cash is taken out, the loan becomes immediately due and payable with 5% interest.
Requirements: The home must be owned and occupied by the applicant(s). The applicant's annual gross income may not exceed the area median income adjusted for family size as listed below:
|
Family size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
|
Moderate Income |
52,500 |
60,000 |
67,500 |
75,000
|
81,000 |
87,000 |
93,000 |
99,000 |
Housing staff will perform a pre-inspection of all work to be done to determine its eligibility for funding.
Eligible repairs include:
- Code items
- Deterioration of the structure or fencing
- Repair or replacement of roofing
- HVAC systems, wall heaters, and evaporative coolers
- Windows, Screens, Garage Doors, Entry Doors
- Exterior painting
- Electrical
- Plumbing
- Other repairs
Participants must obtain a minimum of two bids from licensed contractors prior to performance of any work or funding approval. All work must be inspected by housing staff and building inspections, if required, prior to any payment for the work.
Payment may be made directly to the approved contractor or to the homeowner as reimbursement. Work completed before loan approval is not eligible for funding.
Please click here to download the Residential Improvement Program Procedures Manual and learn more about this program.
Click here to download a Residential Improvement Program Application
For more information, please contact Associate Planner Dana Weaver at Dana.Weaver@cityoftemecula.org or 951-693-3928.
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