City of Napa Housing Division Revamps Rental Rehabilitation Loan Program | Local News

0





The City of Napa Housing Division revamped the city’s rental housing refurbishment loan program this month.


Edward Booth, register


The City of Napa Housing Division this month revamped the City’s Rental Housing Rehabilitation Loan Program, which provides financial and technical services to landlords looking to renovate affordable rental housing in the city. .

As a result, maximum lending has been increased by tens of thousands of dollars, in most cases, per unit. (The maximum loan allowed for a single-family rental unit, for example, is now $ 75,000, down from $ 45,000.)

“The rental rehabilitation program previously had lower loan limits, so if you had a rental property before we changed the guidelines, you could only borrow a lower amount,” said Lark Ferrell, housing manager at the city of Napa. “It was a bit behind what made sense.”

The city’s housing rehabilitation program offers grants and interest-free loans for home repairs. It serves residents and families with low incomes equal to or less than 80% of the region’s median income and the landlords who rent to them. (The median income for the Napa area is currently $ 109,200, according to the California Department of Housing and Community Development.)

The goal of the program is to improve and increase the number of affordable rental housing units in the city, in accordance with updated guidelines.

Ferrell said the housing division has also increased rent limits for properties eligible for the program. Rents for qualifying dwellings must be less than 30% of 80% – instead of 60% – of the AMI, adjusted for the household size appropriate to the size of the dwelling. This means that the maximum affordable monthly rent for a studio is $ 1,576, for example.


Source link

Leave A Reply

Your email address will not be published.