El Monte, CA Provides Funding For Home Improvements, First Time Home Buyers
As a way to assist homeowners improve their property with necessary repairs and to attract more families to the City, the El Monte City Council approved the implementation of the Calhome Owner Occupied Housing Rehabilitation Act and First Time Homebuyer Program.
The City’s application for a $1-million grant was approved by the State of California Housing and Community Development Department.
Under the City’s General Plan and 5-Year Consolidated Plan, the City is dedicated to preserving and improving the existing housing stock and increase the supply of affordable rental and home ownership opportunities.
Under the Owner Occupied Housing Rehabilitation Program, assistance will be provided through deferred payment loans to income-eligible El Monte homeowners to finance the cost of repairs that will ensure that their homes are well designed, healthy, safe, sanitary, and comply with the City’s Municipal Code.
“The Owner Occupied Housing Rehabilitation Program is an important step for our communities,” El Monte Mayor Andre Quintero said. “Eligible homeowners will be able to receive the financial assistance they need to improve their properties, rather than having to go through the insensitive approach of code enforcement. The improvement of properties makes things better for the entire community, and each neighborhood.”
The goal of the First Time Homebuyer Program is to provide down payment assistance that will allow qualified families to purchase a home located within the City limits. Assistance will be provided in the form of a deferred payment “silent” second loan. This funding provides “gap’ financing toward the purchase price and closing cost of affordable housing units that will be occupied by the homebuyers as their primary residence.
The City Council is hoping to create opportunities for more families to move into El Monte.
“This is a very personal issue with me,” Quintero said. “We had affordable housing in the early 1980s when my family first moved to El Monte. My parents received a balloon payment to help them get a house. As a result, we were able to live the American Dream. We want that dream to come true for other families.”