***As of August 4, 2009, the Rental Rehabilitation Loan Program is unavailable****
Funds
are available to make needed repairs to rental properties.
HUD mandated rent, occupancy, and affordability requirements
apply to units; meaning that HUD requires the owner
to rent the units for low-income housing.
Type
of repairs under the program include interior and exterior improvements
to bring the property to City of Stockton Building Code Standards,as amended and adopted, including
roof, water heater, plumbing, electrical, sewer, and outside
improvements.
General
Terms
(As of 12/5/08)
This
is a one percent (1%) simple interest, 30-year loan (first payment may be deferred
for one year from date of recordation and then amortized over the life of the loan).
Loan to Value Ratio cannot exceed 90%. Income to Debt
Ratio cannot exceed 105% and must conform to HUD guidelines
for affordability periods. Tenant affordability restrictions apply.
Funds
may be used for hard or soft costs for rehabilitation, site
improvements, and security upgrades. All work must be
performed by a licensed contractor.
Stockton,
CA 
