The City of Merced Housing Program receives Federal Community Development Block Grant (CDBG) and Home Investment Partnerships Program (HOME) Funds on a formula basis, with the amount dependent upon the allocation level established by Congress. The Housing Program administers CDBG, HOME, and assigned Redevelopment Agency (RDA) Housing Set-Aside Funds, in order to increase the supply of safe, decent, and affordable housing.
The Housing Program is also involved in community development and neighborhood revitalization. HOME funds can only be used for housing activities, while CDBG can be used for broader community development purposes within established guidelines. Examples of such activities in addition to housing are public serves, public facilities improvements, economic development, and code enforcement.
The City of Merced Housing Program strives to create and maintain affordable housing for low to moderate-income residents by using CDBG, HOME, and RDA Housing Set Aside funds. This is accomplished by:
Housing Rehabilitation Loan Program
The Housing Rehabilitation Loan Program provides low interest loans to property owners who are either low income themselves, or who rent to low income tenants.
The first priority for this loan is the correction of code violations affecting the health and safety of the occupants. Numerous other improvements and repairs are allowable, including: painting, floor covering replacement, new roofs, and room additions warranted by overcrowding. The Housing Division will provide more information to you about all of the improvements that are possible through a rehabilitation loan. Qualifications
First Time Home Buyer Loan Program
The First Time Home Buyer Assistance Program is aimed at providing financial support to help families purchase their first home. This program provides low interest rate loans for down payment and closing costs. Applicant must be able to qualify for a first mortgage loan. Qualifications and Application
BEGIN Loan Program
The BEGIN Loan Program will be used to provide mortgage assistance loans to 22 qualified first-time home buyers in a subdivision called "Silverleaf" at Bellevue Ranch. The assistance to the home buyer will be in the form of a deferred payment loan with a 30 term and 3% deferred simple interest. Maximum loan amount is $30,000 or 20% of the purchase price, whichever is less. For more information about "Silverleaf" Envision Homes, call 209-383-0800 to talk to a sales representative.
Qualifications and Application
CALHOME Loan Program
The CALHOME First Time Home Buyer Assistance Program is aimed at providing financial suppport to families whom might otherwise be unable to purchase a home. The funds for this program are provided through the State of California Department of Housing and Community Development (HCD). Qualifications and Application
HUD Resources for Homeowners
http://www.hud.gov/hopeforhomeowners/index.cfm
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