El Dorado County has money to loan for home repairs
El Dorado County has funds available as low-interest rate loans for home repairs to income-qualified homeowners in the unincorporated areas of the county. Funding is provided through the State Community Development Block Grant Program and the county’s Housing Rehabilitation Revolving Loan Funds.
These Housing Rehabilitation loans must be used to correct health and safety issues and to meet code compliance standards. Program loan funds may be used to repair or replace roofs, foundations, plumbing, electrical, heating/air conditioning systems, termite damage and more. The home must be located in an unincorporated area of the county.
To qualify, the household income must fall at or below 80 percent of the area median, based on household size. Current annual maximum household income limits are: one person, $42,650; two persons, $48,750; three persons, $54,850; four persons, $60,900; five persons, $65,800; six persons, $70,650; seven persons, $75,550; eight persons, $80,400.
This program is designed to provide financing for homeowners who would not qualify for other types of financing due to limited income. Interest rates are as low as 3 percent for a 15-year loan of up to $40,000.
For more information about this program, call (530) 642.4863. Loans are available to eligible homeowners on a first-come, first-served basis until funds are exhausted.
CAn someone tell me how many people really fall into the category where they would qualify to borrow this money?
Hey there tahoeadvocate
In the good old days on their way to being 1%ers, John and Dave were in the business of rehabing dwellings.
Some how money was available to those, who somehow could fall into the category that qualify. As Red Buttons would say “strange things are happening Ho HA”
Alex, assuming the Dave you are referring to is me then once again you are totally off base. The 1% is so far away I can’t even see it with a telescope. As for you………….?
Advocate: Answer is a lot of people, unfortunately or fortunately, depending on how you look at it.Average income in Tahoe is 32,000 to 35,000 per year.
If you make $16-$18/hr. and are lucky enough to get a full week’s work you can make 35K. Good luck finding many jobs like that here. After your normal bills see how much you have left for home repairs. Once you already have “yours” it’s easy to tell younger people to work harder for less.