Community and Economic Development
|FOR IMMEDIATE RELEASE
Tuesday, June 7, 2005
CONTACT: Eric Symons
Home Rehab Loan Program Now Available to Linda Vista Residents
Loan Program to Help Rehabilitate Older Homes in the Linda Vista Community Plan Area
SAN DIEGO - The San Diego City Council, acting as the City's Redevelopment Agency, today approved a new loan program for residents of the Linda Vista Community Plan Area designed to aid in the rehabilitation and enhancement of the neighborhood's older homes.
The new Linda Vista Housing Rehabilitation Loan Program will provide a one-time loan of up to $10,000 for eligible owner-occupants living in homes built prior to 1950 located within the Linda Vista Community Planning Area. The loan can be used to eliminate potential housing health and safety violations, accessibility issues (Universal Design) and general improvements such as roofs, gutters, downspouts, furnaces, hot water heaters, exterior door and window upgrades, exterior painting and waterproofing, and plaster and carpentry repairs.
The Linda Vista Community Plan Area is the current boundary for the Linda Vista Rehabilitation Loan Program. The Community Plan Area is bounded by Highway 163 on the east, Mesa College Drive/ Linda Vista Road and Interstate 805 on the north, Friars Road on the south, and Interstate 5 and Tecolote Road/Tecolote Canyon on the west. For more information and a map of the Community Plan Area, visit the City's web site at wwww.sandiego.gov and type "Linda Vista" in the search field.
The new loan program is available to owner-occupants that do not exceed 100 percent of the Area Median Income (AMI). The forgivable ten-year loan is calculated at an annual simple interest of three percent. A ten-year lien will be imposed as a condition of the loan which will require the owner to maintain residence of the property or restrict the sale of the property, as well as ensure maintenance on the improvements. If the ten-year commitment is met, the loan will not have to be repaid.
2005 Area Median Income (AMI) Chart
|Family Size||100% of Area Median Income
Effective 2/11/05 -
U.S. Housing and Urban Development Department
Funding for the Program was made available with more than $263,000 in tax increment revenue generated by the 12-acre Linda Vista Redevelopment Project Area. Individual loans can be combined with other rehabilitation programs available through the San Diego Housing Commission. The City's Redevelopment Agency has developed an agreement with the Housing Commission to administer the program.
"The Linda Vista Housing Rehabilitation Loan Program is a great way for low- and moderate-income homeowners to obtain funding to make necessary safety improvements to their homes and help revitalize the Linda Vista area," said Debra Fischle-Faulk, deputy executive director of the Redevelopment Agency. "The City's Redevelopment Agency and Housing Commission are committed to improving housing for San Diegans of all incomes."
This is the third rehabilitation loan program to be created by the City's Redevelopment Division. Other areas that benefit from similar loan programs include City Heights and Crossroads Redevelopment Project Areas.
For more information on the Linda Vista Redevelopment Housing Rehabilitation Program or to be added to the program waiting list, contact the San Diego Housing Commission at (619) 578-7521.
For more information on the Linda Vista Redevelopment Project Area, contact the City of San Diego Community and Economic Development Department, Redevelopment Division at (619) 533-4233 or visit www.sandiego.gov/redevelopment-agency.
For more information about available affordable housing programs citywide, contact the San Diego Housing Commission at (619) 231-9400 or visit www.sdhc.net. Comprehensive affordable housing information, including policies, initiatives and a wide array of programs, is available on the City of San Diego's Web site at www.sandiego.gov/housing.
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The City of San Diego Redevelopment Agency eliminates blight from designated areas, as well as achieves the goals of development, reconstruction and rehabilitation of residential, commercial, industrial, and retail districts. Redevelopment is one of the most effective ways to breathe new life into deteriorated areas plagued by social, physical, environmental or economic conditions that act as a barrier to new investment by private enterprise. The City of San Diego Redevelopment Agency consists of three divisions: the City Redevelopment Division (which provides overall agency management and is housed in the City of San Diego Community and Economic Development Department), the Centre City Development Corporation and the Southeastern Economic Development Corporation.