General Plan - Moreno Valley

CHAPTER 8 – HOUSINGfaltering economy that resulted in poor jobsecurity and low wages.Rent Buy-Down Pilot ProgramRDA 1997-98 (Actual) $35,565Under the program, the tenant paid theaffordable rent based on income at 40%and 50% of median area income, and theAgency paid the difference up to marketrent. The program initially assisted ten unitsin a fifty-four-unit complex and eventuallyassisted a total of eighteen units in thesame complex. The program was lastfunded in fiscal year 1997-98, at which timeit was determined that given the rebound inthe economy the City had opportunities tofund more permanent rental housingoptions.8.5.7 Mobile-Home RehabilitationProgramThe mobile-home rehabilitation programwas first funded with HOME funds receivedfrom the State of California. The programhas been active since 1993. The programprovides very low-income mobile-homeowners with a one-time grant to makerepairs to their mobiles. The maximumamount of the grant is $7,500. Funds arefirst applied to correct health and safetyitems, followed by general home repairs.There are seven mobile-home parks inMoreno Valley. The type of housingavailable in these parks is often the mostaffordable housing utilized by the elderlyand very low-income families. The programrequires that the mobile be owner-occupiedand that the owner/borrower continue toreside in the property for a minimum of oneyear after completion of the rehabilitation.There is currently a nine to twelve monthwait to receive assistance under theprogram. A total of 279 households haveMORENO VALLEY GENERAL PLANbeen assisted through the mobile-homegrant program in the past seven years.Mobile-Home Rehabilitation ProgramRDA FY 1997-98 $ 73,309(Actual)HOME FY 1997-98 $ 147,715(Actual)RDA FY 1998-99 $ 119,651(Actual)HOME FY 1998-99 $ 75,595(Actual)RDA FY 1999-00 $ 100,000HOME FY 1999-00 $ 397,900RDA FY 2000-01 $ 100,000HOME FY 2000-01 $ 337,195RDA FY 2001-02 $ 100,000RDA FY 2002-03 $ 100,000RDA FY 2003-04 $ 100,000RDA FY 2004-05 $ 100,000Total: $1,750,6658.5.8 Single Family RehabilitationProgram (HILP) and (HAMR)The Home Improvement Loan Program(HILP) provides a $15,000 maximum loan at3% annual interest. Payments and interestare deferred, or postponed for twenty years,or when the owner sells or ceases tooccupy the property. The program assistsowner-occupants who have equity in theirhome and have multiple repairs andimprovements to make. To be eligible for aHILP loan, an owner must have occupiedthe property for at least one year and haveincome at 80% of median or less, adjustedfor family size.Homeowner Assistance for MinorRehabilitation (HAMR) provides a $7,500maximum loan with a 3% to 5% annualinterest rate. Payments on HAMR loans areamortized, or spread equally over ten yearsand can be approximately $71 to $78 perPage 8-48 July 11, 2006