Home rehabilitation loans being offered by the city

The city of Simi Valley is offering $30,000 home rehabilitation loans with an interest rate of 2 percent for very low, lowand medianincome homeowners.

In addition, the city will provide a grant of up to $2,500 to applicants who use a general contractor to manage three or more unrelated building trades for their rehabilitation projects.

The loans are for owneroccupied single-family homes in need of repair.

To qualify for the loans, household income must not exceed the United States Department of Housing and Urban Development median household income limits.

A family of four could earn as much as $83,900 per year and qualify for the program.

Depending on income qualifications, the program loan may be deferred or amortized.

The loan can cover repair needs such as heating and air conditioning, plumbing, electrical, insulation, interior painting and floor coverings as well as some exterior items.

The amortized loan requires monthly principal and interest payments based on a 2 percent rate of interest over a 15-year period.

A $10,000 exterior home maintenance loan at zero percent interest is also available for eligible homeowners.

The loan addresses only exterior repair needs such as roofing, window replacement, exterior paint, garage doors, rain gutters or the repair or replacement of driveways.

All home rehabilitation loans require that the home be owneroccupied and repayment upon sale, refinance or transfer of property.

For more information or an application, call Cindy Daugherty at (805) 583-6757.