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 Section 8 Housing Standards, including roof, water heater, plumbing, electrical, sewer, and outside improvements. 

General Terms

This is a zero interest, 30-year loan (first payment may be deferred for one year 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.  Repayment of the loan is due at the time of sale or change in title. 

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. 

The program is limited to properties within Target Areas and SAFE neighborhoods. For additional information, download the Rental Rehabilitation Loan Program Fact Sheet (pdf). Haga clic aquí para español.

New HUD Income Limits for 2008

CITY OF STOCKTON CONTACT:

David R. Pyle, Sr. Financial Advisor
425 N. El Dorado Street, 3rd Floor
Stockton, CA 95202
(209) 937-8465
FAX: (209) 937-5099