General Plan - Moreno Valley

CHAPTER 8 – HOUSINGMORENO VALLEY GENERAL PLANmonth. Upon sale, refinancing or if theowner ceases to occupy the property, theloan becomes due and payable. TheHAMR loan is designed for borrowersneeding minor repairs such as new fencing,front yard landscaping, or a new roof.Household income must not exceed 120%of the area median income.Single Family Rehabilitation ProgramRDA FY 1997-98 (Actual) $ 75,841RDA FY 1998-99 (Actual) $ 113,161RDA FY 1999-00 $ 336,839HOME FY 1999-00 (HILP) $ 61,650RDA FY 2000-01 $ 200,000HOME FY 2000-01 $ 100,000RDA FY 2001-02 $ 250,000RDA FY 2002-03 $ 250,000RDA FY 2003-04 $ 300,000RDA FY 2004-05 $ 300,000Total: $1,987,4918.5.9 Rental Rehabilitation Program(RRP)The purpose of the Rental RehabilitationProgram (RRP) is to provide loan funds toencourage the rehabilitation of rental unitsin order to expand the supply of decent,safe and sanitary housing that is affordableto low and moderate income households.Rental rehabilitation funds are available toinvestor-owners of distressed rentalproperties, citywide. The interest rate is 5%and the minimum loan amount per project is$3,000. Two loans are available:Rental Rehabilitation ProgramRDA FY 997-98(Actual) $ 10,460RDA FY 1998-99(Actual) $ 176,227RDA FY 1999-00 $ 812,842RDA FY 2000-01 $ 200,000RDA FY 2001-02 $ 200,000RDA FY 2002-03 $ 200,000RDA FY 2003-04 $ 300,000Total $1,899,529• A five-year loan up to $7,500 per unit.Payments are fully amortized over thefive years.• A twenty-year loan up to $35,000 perunit. Payments are deferred for the firstyear and commence in year two with anineteen-year amortization schedule.Potential borrowers must demonstrate thefinancial capacity to secure and repay theloan. Eighty percent of the units to berehabilitated must be occupied byhouseholds with incomes at or less than60% of the area median income. Rentrestrictions apply during the term of theRRP loan.8.5.10 Senior Co-op ServicesDuring the 2000-01 fiscal year, CooperativeServices Inc. (a non-profit corporation thathas developed affordable senior housing forover ten years) submitted an application tothe U.S. Department of Housing andCommunity Development (HUD) for aSection 202 grant. Cooperative Serviceshas received a total allocation of $7.3 millionfrom HUD. It is anticipated that projectconstruction will commence in 2001.Senior Co-op ServicesRDA FY 1999-2000 $500,000Page 8-49 July 11, 2006