Owner Occupant Loan Program
The Vacaville City Council wants to encourage the conservation of decent, safe and sanitary housing which is affordable to low and moderate income households. The purpose of this program is to provide a pool of loan funds to encourage owner occupants to improve their homes in target areas of the City. Funds may also be used to remove architectural barriers or assist in removing overcrowded conditions for low and moderate income households.
Types of Loans Available
Amortized LoanFunds may be available to owner occupants as 3% interest, 15 year amortized loans. The maximum amount per unit that may be borrowed is $45,000 and the minimum is $1,000.
Deferred LoanIn cases of very low income households, deferred loans may be made subject to annual review of ability to pay. If income becomes sufficient to repay the loan, the loan will become fully amortized at 3% interest. These loans will be due and payable upon sale or other title transfer.
Eligibility Requirements
Owner's household income must be less than 120% of the Area Median Income adjusted by family size;
Owner must own and occupy property within the designated target areas;
Property must be in need of repairs to correct existing or eminent code violations; and,
Owner must demonstrate ability and financial capacity to secure and repay a loan where loans call for repayment.
Application Fees
Amortized loan-$50.00
Deferred loan-$20.00
The actual cost of appraisal, credit analysis and escrow fees will be added to the loan amount.
Examples of Eligible Repairs
Repair termite damage.
Repair floors or sub flooring.
Update electrical, plumbing or heating system.
Repair/replace roofing, doors and windows.
Repair foundation, walkways, driveways, fences and walls.
Paint interior and exterior walls.
Restucco walls.
Insulate and weatherize.
Other Services Available
The Department of Housing and Redevelopment (DHR) prepares, advertises and distributes bid packages to a list of qualified contractors. All contractors on the list are invited to bid and owners select the contractors. Owners may select contractors who are not on the list but who meet program requirements. DHR coordinates appointments and conducts site inspections with interested contractors.
Owners who act as their own general contractors receive bid packages to use to subcontract jobs.
Owners may make their own repairs; however, loan funds can only be used for material costs and all work must pass City inspection.
Application Process
Owner occupants may either pick up application forms at the Department of Housing and Redevelopment at 40 Eldridge Avenue, Suite 7, or call 449-5660 to request to have the application forms mailed to them.
2007 Income Limits
120% of the Area Median Income1 person household $63,360
2 person household $72,360
3 person household $81,480
4 person household $90,480
5 person household $97,680
50% of the Area Median Income1 person household $26,400
2 person household $30,150
3 person household $33,950
4 person household $37,700
5 person household $40,700
View Target Area Map
View Income Limits
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