Home
Maintenance and Improvement Program (HMIP)
|
| |
|
Purpose
|
Provides loans to owner-occupied low-income and moderate-income
households to correct health and safety violations,
abate code deficiencies and repair major systems
in danger of failure. Some other home repair
needs may be financed, including modifications
for accessibility.
|
|
Status
|
Taking
applications now.
|
|
Maximum
Amount
|
Deferred Loan:
$75,000 or the cost of rehabilitation, whichever
is less
Amortized Loan:
$75,000 for single family unit and $5,000 for each
additional unit, up to four units
|
Minimum
Amount
|
$2,500
|
REQUIREMENTS
|
| Eligible
Applicants |
Oakland
property owners living in the unit to be rehabilitated
or repaired. |
|
Location
|
Property
must be located in one of the seven Community Development
Districts. See district maps in the CDBG section of
this website.
|
| Eligible Properties |
Owner-occupied single-family dwelling or up to four
units. |
|
Income
|
- One-unit
structures must be occupied by low- to moderate-income
households
- Two-unit
structures must have at least one unit 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
0%
Deferred Loan: Annual Household Income
cannot exceed 50% of the established HUD
median income limits* for Alameda County
3%
Deferred Loan: Annual Household Income
cannot exceed 80% of the established HUD
median income limits* for Alameda County
Income
of all household members who are 18 years or older
must be considered to determine income eligibility.
|
|
Occupancy
|
Applicant
must occupy the property
All owners on record must apply |
| Eligible Uses |
See
eligible repairs. |
| Other
Requirements |
N/A
|
|
LOAN / GRANT DETAILS
|
|
|
Low Income |
Moderate
Income |
|
Interest Rate:
|
0%
interest
|
3%
interest |
|
Payments/ Term
|
- No
periodic payments.
- Loan
will be paid upon the sale or transfer of
title
of property or if property ceases to be owner-occupied.
|
- No
periodic payments.
- Loan
will be paid upon the sale or transfer of title
of property or if property ceases to be owner-occupied
|
|
Prepayment Penalty
|
None
|
None |
Closing
Costs |
$350-$500
|
$350-$500 |
|
Security
|
Deed
of Trust
|
Deed
of Trust |
|
HOW TO APPLY
|
| Status |
Available Now |
| Deadline |
None |
| Process |
Complete
and submit the application.
|
| Application |
Call
(510) 238-3909 to request an application |
|
MORE INFORMATION
|
| Details |
See
eligible repairs
document. |
| Projects |
N/A
|
| Contact |
Residential
Lending and Rehabilitation
City of Oakland
Community and Economic Development Agency
|
|
*Area
Median Income limits are revised annually. Click here for current limits.
|
