 |
 |
|
| The
City of El Monte offers several housing programs
designed to assist its residents with maintaining
clean, decent and safe living environments, and
creating affordable homeownership opportunities. |
|
| Contact
Information: |
INTERIM
COMMUNITY DEVELOPMENT DIRECTOR
Minh
Thai
HOUSING
PROGRAM COORDINATOR
Diane Cotto
Telephone: 626
580-2070
Fax: 626-580-2293
Location: City Hall West
11333 Valley Boulevard
El Monte, CA. 91731-3293
E-mail: Housing
Division General Mailbox
Office
Hours:
Monday through Thursday
8:00 am to 5:30 pm |
|
| General
Information: |
|
|
| Fair
Housing Service
Information:
|
 |
The
Housing Rights Center (HRC) provides FREE fair
housing services to El Monte residents and
community members. HRC offers housing discrimination
complaint investigation, landlord/tenant counseling,
predatory lending referrals, outreach and education,
and legal and advocacy services. For additional
information, please call (800) 477-5977,
or visit their website at www.hrc-la.org. |
|
| Housing
Programs : |
| |
The
City of El Monte Housing Division offers the following
housing programs that promote safe, decent, affordable
living environments primarily to persons of low
and moderate income resulting in safe, functional,
attractive, economically and environmentally sound
residential neighborhoods within the City:
Homeless Prevention and Rapid-Rehousing Program
(HPRP)
Substantial
Amendment
Home Improvement Loan Program
(
The waiting list for this program is closed until
further notice)
First-Time Homebuyer Program
(
The waiting list for this program is closed until
further notice)
|
|
| Home
Improvement Loan Program: |
|
A
0% interest loan of up to $35,000 requiring “no”
monthly payments is provided to eligible people.
There must be sufficient equity in the property.
The loan-to-value cannot exceed 100% of the after-rehab
value of the home. The loan is repaid when the property
is sold, title is changed/or transferred, property
is re-financed, or the unit is no longer owner-occupied. |
|
To
qualify for this Program, the property must be in
the City of El Monte and owner-occupied. The household
must have an annual income that does not exceed
the HUD-specified 80% of median-income
limits based on family size. |
|
Eligible
improvements include, but are not limited to, lead-based
paint testing and treatment, electrical, heating,
plumbing, roofing, stucco/color-coat, exterior and
interior painting, windows, insulation, driveway,
flooring, and kitchen & bathroom repairs/remodels. |
|
| First-Time
Homebuyer Program: |
|
The
Program will provide City financing assistance of
up to 25% of the eligible purchase price in the
form of a silent-second mortgage. The loan has a
30-year term, 0% interest and requires no monthly
payments. |
|
The
Program is implemented on a first-come-first-served
basis. The Program is subject to funding availability. |
|
Eligible
Participant: |
| |
Must
be a lawful permanent resident of the United States |
| |
Must
be at least 18 years of age |
| |
Must
not have held ownership in a residential property
within the preceding three (3) years from time of
application |
| |
Must complete a mandatory, HUD-approved, Homebuyer
Education course. |
|
Occupancy
Requirement:
Participant must occupy the property as a principal
place of residence for the term of the loan or until
the residence is sold. Participant will be required
to submit an annual Affidavit of Occupancy. |
|
Underwriting
Criteria:
Participant shall have sufficient income, creditworthiness,
meet lender’s underwriting criteria, and fall
within the allowable debt ratios to qualify for
primary financing. |
|
Down
Payment Requirement:
Participant must have a minimum down payment equal
to at least 1% of the purchase price plus closing
costs. |
|
Co-signers:
Co-signers will be permitted for the sole purpose
of assisting the program participant in qualifying
for the first mortgage. |
|
Eligible
properties:
1) single-family homes, 2) townhomes, and 3) condominiums..
Properties must be located within the City of El
Monte, and must be designated for residential use
(R-1 zoned). Properties shall contain no more than
one (1) residential unit. |
|
Purchase
Price (subject to change without notice):
$441,750 is the maximum purchase price permitted
for single-family residences and $346,750 for townhouses
and condominiums. |
|
Full
payment of the Loan becomes immediately due and
payable if: |
| |
The
Participant sells the home during the 30-year period |
| |
The
Participant transfers title (excluding those related
to marriage or its dissolution) |
| |
The
Participant ceases to use the home as a principal
place of residence |
| |
The
Participant refinances without approval |
| |
The
Participant fails to maintain the property in a
decent, safe and sanitary condition |
| |
Property
goes into default / foreclosure |
|
To
qualify for this Program, participant’s household
gross annual income cannot exceed the HUD-specified
80% of median-income limits based on family size
(call 626-580-2070 for most current income limits).
Household income includes all income from all members
over the age of 18 who share the same residence
and are not full-time students. |
|
| L.A.
COUNTY COMMUNITY DEVELOPMENT COMMISSION PROGRAMS: |
| Mortgage
Credit Certificate Program: |
|
This
particular Federal Program is administered through
the Los Angeles County Community Development Commission.
The MCC Program offers the first time homebuyer
a federal income tax credit. This credit reduces
the amount of federal taxes the holder of the
certificate would pay. It can also help the first
time homebuyer qualify for a loan by allowing
a lender to reduce the housing expense ratio by
the amount of tax savings.
www.lacdc.org |
|
|
|
