The Town of Paradise was recently granted $1,000,000 through the HOME Program to assist low-income households with housing repairs or homebuyer assistance. These funds help lower-income households to repair or purchase affordable housing while assisting the community’s lower-end housing market by providing jobs for people in the housing industry and by bringing $1,000,000 of new funds into the Town’s economy.
The Town of Paradise offers a deferred, low-interest loan to eligible low-income homeowners for housing repairs and rehabilitation services. Housing repairs can include repairs to correct unsafe or unsanitary conditions, and repairs to ensure handicapped accessibility for homeowners. There are qualifications that the homeowner must meet, including home ownership of the home to be repaired, income guidelines, and home ownership for at least one year. There are also qualifications that the property must meet; for example, the property must be within Paradise Town Limits, be valued under $245,000 after rehabilitation, and be able to pass all State and local codes and ordinances given a per-unit subsidy limit.
The Town of Paradise also offers a deferred, low-interest loan of up to $40,000 to eligible first-time homebuyers (based on Federal 2017 Income Limits) as down payment assistance to purchase a home within the Town limits. A first-time homebuyer is someone who has not owned a home in the past three years. The loan is a “bridge” or “gap” loan meaning that the loan amount is based on the difference between what the borrower can afford and the amount of money needed to purchase the home. The loan is secured by a note and a deed of trust and does not require monthly payments. The loan is due in 30 years unless the home is sold, no longer the borrower’s principal residence, or the title is transferred out of the name of the original borrower.
The Income Limits are based on the number of people in the household; exact figures can be found on the Town’s website
The first step of the process is to talk with a Certified Lender (a list is provided on their website). The lender will pre-qualify you for a loan and determine the amount you can afford to spend on a monthly mortgage. The second step is to apply for First-Time Homebuyer funds at the Business and Housing office at Town Hall. Once you receive an Eligibility Letter, you will work with a Certified Realtor to select a home.
The intent of the HOME Program is to implement local housing strategies designed to increase homeownership and affordable housing opportunities for low- and very low-income Americans. HOME is funded by Title II of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12701 et seq.). Regulations are at 24 CFR part 92. The Town of Paradise is pledged to the letter and the spirit of the United States policy for the achievement of equal housing opportunity throughout the Nation. The Town encourages and supports an affirmative program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial statue or national origin.
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