Am I eligible for this program? You probably qualify if you own your home and live in it full time, if you have homeowners insurance, and if your household income is less than 50 percent of the area median income (see the chart in the application). The property must be a single-family home, duplex, fourplex, manufactured home, mobile home, or condominium and must be located within the city limits of Rancho Cordova.
What repairs are eligible? Eligible repairs are those that correct health or safety hazards in the home. This includes water heater replacement, plumbing or electrical repair, roof repair or replacement, heating and cooling system repair, structural repairs needed due to wind, water, or fire damage and door, window and lock replacement. Disabled accessibility improvements are also included.
What is a forgivable loan?A forgivable loan is one that is gradually forgiven over a period of years if the homeowner meets certain conditions. The City’s forgivable loans are interest-free loans on which the balance is reduced by 20 percent of the total loan amount each year that you continue to occupy the home. If you continue to live in the home for five years, the loan will be completely forgiven and nothing will be owed. The balance of the loan would have to be repaid if the home was no longer occupied by the applicants.
What is the process? The first step is to return the application, along with all requested documentation, to the City. Once the City’s grants specialist has verified your income, a rehabilitation specialist will make a visit to your home to assess your repair needs. The rehab specialist then will prepare a list of needed repairs and give you a list of contractors to contact for bids. (Applicants are encouraged to include contractors not on the list.) After you select a contractor who meets the City’s requirements, you will sign some loan documents and the work on your home can begin.
How do I apply? Applications may be downloaded from the City’s website, or you may request an application be mailed to you by calling (916) 231-3354.
Emergency Repair Loan ApplicationI have other questions. Who can answer them? If you have other questions, please contact Sarah Bontrager, Grants Specialist, at (916) 231-3354.