Central
City East Homeownership Rehabilitation Program
(CCE
HRP)
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Purpose
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The Central City East Homeownership Rehabilitation
Program (CCE HRP) is a Redevelopment Agency
program that provides loan funds for exterior
work on homes owned and occupied by low to
moderate income households in the Central City
East Redevelopment Area. It is designed to
enhance the exterior of individual homes as
well as the neighborhoods where the homes are
located.
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Status
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Taking
applications now.
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Maximum
Amount
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$75,000
or the cost of exterior work, whichever is less
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Minimum
Amount
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N/A
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REQUIREMENTS
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| Eligible
Applicants |
Oakland
property owners living in the unit to be rehabilitated
or repaired. Borrowers must be individuals, not partnerships,
corporations or non-profit organizations. Borrowers
must have title to the property at the time of application.
Borrowers who are licensed contractors must agree to
abide by the City of Oakland Living Wage Ordinance.
Borrowers must demonstrate credit worthiness, financial
capacity, and relevant past experience to undertake
the rehabilitation project. |
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Location
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Property
must be located in the Central City East Redevelopment
Area.
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| Eligible Properties |
Single family homes and 1-to-4 unit residential properties. |
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Income
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• Annual
Household Income cannot exceed 100% of the established
HUD area median income limits,
adjusted for household size.
• Income of all owners on record and all household members
who are 18 years or older is considered to determine
eligibility.
• Applicant must have sufficient income to support existing
housing and living expenses, and other obligations.
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Occupancy
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• Single
family residence must be owner- occupied by a low-moderate
income household.
• Two-unit structures must have one unit owner-occupied
by a low-moderate income household.
•
Three-to-Four unit structures must have at least 51%
of the units occupied by low-moderate income households,
including owner’s unit
• All vested recorded owners of the property must complete
the application even if they do not occupy the property
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| Eligible Uses |
In
general, loan funds are to be used to cover the
repair costs and related development costs associated
with repairs to the exterior of the property. |
| Other
Requirements |
N/A |
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LOAN / GRANT DETAILS
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Loan Terms Depend on Household Income and Size (see
income limits chart for details) |
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| Interest Rate: |
Up
to 50% AMI: 0%
51% to 80% AMI: 3.0%
81% to 100% AMI: 6.0%
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Payments/ Term
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- Deferred,
no periodic payments.
- Loan
is due upon sale or transfer of the property,
upon refinance, or when the property is no
longer owner-occupied.
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Prepayment Penalty
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None
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Closing
Costs |
$500
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Security
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Deed
of Trust
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HOW TO APPLY
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| Status |
Available Now |
| Deadline |
None |
| Process |
Complete
and submit the application.
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| Application |
Call
(510) 238-3909 to request an application |
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MORE INFORMATION
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| Details |
Additional
assistance for design services is available.
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| Projects |
N/A
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| Contact |
Residential
Lending and Rehabilitation
City of Oakland
Community and Economic Development Agency
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*Area
Median Income limits are revised annually. Click here for current limits.
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