All existing liens will be evaluated to determine if the property can be used as security for the loan. City Services and Assistance City housing rehabilitation staff are available for assistance with determining work items, writing project specifications, collecting bids from contractors, executing city-provided contracts and documents, project supervision, payment coordination and other assistance to help assure proper completion of your project. The interest rate is fixed at below market rate. The maximum loan term is 15 years. These fees can be included as part of the loan.
Loans are due in full if property is sold or transferred to another owner.
Generally, there is no prepayment penalty. Additional restrictions may apply. Security Required For Loan Loans will be secured by a First, Second or, in some cases, a Third Deed of Trust on the property. All existing liens will be evaluated to determine if the property can be used as security for the loan. Insurance Homeowners insurance, including fire insurance in an amount to cover all property debt, must be maintained over the term of the loan.