El Dorado County - Loans to Correct Health & Safety Issues
El Dorado County has funds available as low interest rate loans for income qualified homeowners in the unincorporated areas to correct health & safety issues.
The Housing Rehabilitation loans must be used to correct health and safety issues and to meet code compliance standards, such as repairing or replacing roofs, foundations, plumbing, electrical, heating and air conditioning systems, termite damage and more.
The home must be located in an unincorporated area of El Dorado County and in order to qualify, the household income must fall at or below 80 percent of the area median, based on household size. Current annual maximum household income limits are: one person, $42,650; two persons, $48,750; three persons, $54,850; four persons, $60,900; five persons, $65,800; six persons, $70,650; seven persons, $75,550; eight persons,$80,400. This program is designed to provide financing for homeowners who would not qualify for other types of financing due to limited income. Interest rates are as low as three percent for a 15-year loan of up to $40,000. In certain limited circumstances, interest-only or deferred payment terms may be available. Loans may also be available with interest rates as low as five percent to rental property owners who
rent to income-qualified households.
You can find more information regarding this program by calling the El Dorado County Housing, Community and Economic Development Block Grant Programs at (530) 642-4863. These loans to correct health & safety issues are available toeligible homeowners on a first-come, first-served basis until funds are exhausted, so don't wait. Or visit the County web site at www.edcgov.us. Funding is provided through the State Community Development Block Grant (CDBG) Program and the County’s Housing Rehabilitation Revolving Loan Funds.
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By DeeDee Riley 2012 *All Rights Reserved*El Dorado County - Loans to Correct Health & Safety Issues
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