Community Development
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Housing Rehabilitation Loans
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The City of Lompoc has created a Single Family Rehabilitation Program to provide the necessary financial assistance to low & moderate income Lompoc citizens whose property is in need of rehabilitation and necessary repairs. A loan is secured by a lien recorded on the home. In most cases, the City will only assume a first or second trust deed position on title of property.
The City’s goal is to provide current income qualified residents the opportunity to make home improvements & repairs at minimal cost and allow them to protect and/or increase the value of their investment.
We hope to improve the quality of life for our low income families and seniors living in our city.
Financing Terms
Interest Rate
- 3% fixed interest rate fully amortized
- 4% fixed interest rate on deferred loans (60 years of age and older only)
Loan Term
- 7 years
- 15 years
- 20 years
- Borrowers 60 years of age or older may defer their loan until sale or transfer of title.
Loan Amounts
- Up to $50,000; $45,000 for actual rehabilitation work and up to $5,000 for soft costs (title fees, permits, inspections, etc.)
- Up to $60,000 for room additions (available for overcrowded conditions only).
...The above loan amounts cannot be combined.
Use of Funds
- Plumbing, roof, windows, painting, flooring, electrical, heating, fumigation, cabinets, landscaping, built-in appliances, etc.
- The repair of any health and safety code violations will be given priority as part of the loan conditions.
Qualifications
Location
- You must own and live in a property within the City of Lompoc.
Income
Loan to Value Ratio (LTV)
LTV is the estimated value of the home less the amount owed, otherwise known as equity. The amount owed must include all liens placed on the property, including the rehabilitation loan you are applying for. The qualifying equity in the home must be 10% or greater, after rehabilitation.
La Ciudad de Lompoc ha creado un programa para la Rehabilitación de casas para proveer la ayuda financiera necesaria a los residentes de Lompoc que sus ingresos son bajos o moderadamente bajos y que su propiedad necesita rehabilitarse y hacer las reparaciones necesarias. Se garantiza un prestamo con gravamen o obligacion con la casa. En muchos casos la ciudad asumirá solamenta la primera o segunda escritura de la propiedad.
La meta de la ciudad de Lompoc es proveer a los residentes actuales que tienen ingresos y que cualifiquen para ser mejoras y reparaciones a sus casas a un costo minimo y permitirles a proteger y/o aumentar el valor de su inversión.
Esperamos mejorar la calidad de vida de nuestras familias de bajo ingreso y a los envejecientes que viven en las vecindades de bajo ingreso en nuestra ciudad.
Términos Financieros
Tasa de interés
- 3% tasa de interés fijo completamente amortizado
- 4% tasa de interés fijo en préstamos diferidos (60 anos de edad o mayor solamente)
Términos del préstamo
- 7 años
- 15 años
- 20 años
- Los prestatarios de 60 anos o mas pueden diferir el préstamo hasta que vendan o transfieran el titulo de propiedad.
Cantidad del Prestamo
- Hasta $50,000; $45,000 por el trabajo de rehabilitación y hasta $5,000 para honorarios del titulo, permisos, inspecciones, etc.
- Hasta $60,000 para añadir cuartos (disponible para condiciones en donde se vine apiñado)
...Las cantidades de los préstamos anteriores no pueden ser combinados.
Uso de los Fondos
- Plomeria, techos, ventanas, pintura, pisos, trabajos eléctricos, calefaccion, fumigación, gabinetes, mejoras al paisaje, equipo empotrado (built-in appliances) etc.
- La reparación de las violaciones del codigo de salud y seguridad pueden ser requeridas como parte de las condiciones para el préstamo.
Requisitos
Localizacion
- Usted debe poseer una casa en los límites de la ciudad de Lompoc.
Ingresos
El Prestamo en relacion al valor de su propiedad (LTV)
LTV es el valor estimado de su casa, menos la cantidad que se debe, conocida como el valor de la casa. La cantidad adeudada debe incluir todas las obligaciones en contra de su propiedad incluyendo el préstamo de rehabilitatión que usted esta solicitando o desea solictar. El valor calificativo en su casa debe ser 10% o mayor despues de la rehabilitación.
The City of Lompoc has created a Multi-Family Rehabilitation Program to provide the necessary financial assistance to property owners with low & moderately low income tenants whose properties are in need of rehabilitation and necessary repairs. A Multi-Family loan is secured by a lien recorded on the property. The City may assume a first, second, or third trust deed position on title of property.
The City of Lompoc’s goal is to provide current Multi-Family property owners the opportunity to make property improvements & repairs at minimal cost and allow them to protect and/or increase the value of their investment while improving the quality of life for our low income families and seniors living in these units which are located in the redevelopment and low income neighborhoods of our City.
FINANCING TERMS
Interest Rate
- 3% fixed interest rate fully amortized (30 year affordability covenant)
- 5% fixed interest rate fully amortized (affordability covenant tied to loan term)
Affordability Covenant
Rents
Loan Amounts
Based on number of units:
| # of Units | Max. Loan | # of Units | Max. Loan |
| 3 | $45,000 | 7 | $77,000 |
| 4 | $56,000 | 8 | $80,000 |
| 5 | $65,000 | 9 | $85,500 |
| 6 | $72,000 | 10 | $90,000 |
Loan Term
- 5 years, 10 years, 15 years or 20 years
Use of Funds
- Plumbing, roofs, painting, flooring, electrical, fumigation, cabinets, landscaping, built-in appliances, relocation, remediation of lead based paint, etc.
- The repair of some health and safety code violations may be required as part of the loan conditions.
QUALIFICATIONS
Location
- Your property must be located within the City of Lompoc’s Redevelopment or Low-Mod Census Tract Areas*.
Tenant Income
Loan To Value Ratio (LTV)
LTV is the estimated value of your property less the amount owed, otherwise known as equity. The amount owed includes all liens placed on the property, including the rehabilitation loan you are requesting. The qualifying equity in your property must be 5% or greater, after rehabilitation.
Relocation
A general information notice must be sent to all tenants informing them of your application to the City for a Rehabilitation Loan, on or before the day your completed application is turned in. We provide sample notices in your loan application package. You may NOT evict a tenant for the purpose of acquiring this rehabilitation loan. Any tenants that are temporarily relocated or displaced for the purposes of rehabilitation must be documented, noticed, and compensated according to HUD regulations. Relocation costs may be incorporated into your loan upon approval. Contact the Economic Development Department to verify current qualification requirements.
Contact Information:
For more information on these and other Economic Development programs, please contact:
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