The Deferred Payment Loan Program provides assistance to applicants who do not qualify through the participating lender for the Low Interest Loan Program described above. A Deferred Payment Loan is a direct loan made by the City and secured by a Deed of Trust against the property. The loan becomes due upon sale, refinancing, transfer of the property, or at the close of the 15-year term, whichever comes first. In order to qualify, the household s gross income cannot exceed the low income guideline. In addition, the applicants must have an acceptable credit rating and sufficient equity in the property.
Property owners receive a percentage rebate of the total project cost based on income.
Rebates do not require repayment. As published by the U.S. Department of Housing and Urban Development. Copyright 2001 City of Orange, California. All rights reserved.