City of El Monte Awarded $1 Million in CaLHome Funds
The State of California Department of Housing and Community Development (HCD) has awarded $1 million of CalHome funds to the City of El Monte to support eligible low-income individuals through the City’s First-Time Home Buyer (FTHB) Program and the Owner-Occupied Residential Rehabilitation (OOR) Program.
Both of these new City programs will assist qualified low-income individuals in obtaining a 30 year deferred loan with zero percent (0%) interest to either purchase an affordable home for the first time or provide an opportunity for El Monte residents to make any necessary improvements and repairs to maintain their home. Qualified applicants may receive financial assistance up to $60,000 for the FTHB Program, and $35,000 for the OOR Program.
“These programs will enable low-income individuals the opportunity to live the American Dream and purchase a home in El Monte for the first time, as well as enable qualified El Monte residents to make any necessary improvements to maintain their home,” said Councilman Bart Patel. “It is with great pleasure that we partner with the State to bring these resources to help El Monte residents and increase homeownership opportunities within our City.”
The City was able to secure these funds with HCD by submitting an application in response to their 2010 Notice of Funding Availability (NOFA) for the CalHome General Program, which was made available through the passage of Proposition 1C in 2006. The CalHome NOFA is a competitive grant application process available to all California local public agencies and non-profits, which meet the Program’s experience and capacity requirements. As a result from this process, the City of El Monte was one of the governmental agencies awarded funding.
HCD and the City of El Monte are committed to expanding housing opportunities for all Californians and believe these grant funds will enable the City to make significant progress in addressing their share of the regional housing need.