[PLEASE NOTE: This program has been suspended temporarily due to budget constraints. The following information is for future reference only.]
This program is designed to assist in mobilehome repairs for residents in the City of Santa Rosa who meet the following criteria:
| 1. Household has owned and occupied a mobilehome located within the City limits of Santa Rosa for at least six months; and
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| 2. Household income does not exceed the low income range, shown in the Mobilehome Repair Loan Income Guidelines. |
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This program will provide a maximum loan of $15,000. The minimum loan is $1,000. (The loan-to-value ratio cannot exceed 90%.) The following loan terms for repayment of principal and interest are available based on eligibility criteria:
| A) Payments can be deferred until change of title if you are a senior or disabled or if you are paying more than 40% of your income in housing costs. |
| B) Borrowers with significant assets will be required to make monthly payments. |
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| C) The annual interest charged is 3% and payments are amortized over a 15 year period. |
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Example of a 3% Interest Deferred Payment Loan for Seniors
| Maximum Loan Amount: |
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$15,000 |
| Interest: |
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$450 added annually to loan amount |
| Monthly Payment: |
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NONE |
Example of a 3% Interest Loan
| Maximum Loan Amount: |
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$15,000 |
| Monthly Payments: |
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$99.90 principal and interest |
If you would like more information, staff is available to make a presentation to a group or to answer questions from individuals. Please call the Department of Economic Development and Housing at (707) 543-3300.