Home Program

Disclaimer
The HOME Program is closed until further notice.
CITY OF CARSON
HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME)
FIRST TIME HOME BUYER (FTHB)
OWNER-OCCUPIED REHABILATION (OOR)
FACT SHEET

The City of Carson received $700,000.00 in a HOME program grant award from the Department of Housing and Community Development (HCD). All program funds must be expended by January 31, 2016. City staff expects the HOME program to be up and running by January 2014. The City of Carson will offer loans for down payment assistance to first time home buyers to help low income families and individuals to purchase a home. The City also will offer deferred payment loans to low income owner-occupants to pay for rehabilitation to single-family homes located within the boundaries of the City of Carson. All applicants shall meet the eligibility requirements as described below to participate.
First Time Home Buyers (FTHB) Program Summary:
The maximum amount of program assistance will be the lesser of the amount required to maintain 28- 35% front end ratios (financing gap), or up to $60,000 per unit. A FTHB loan may only be issued in conjunction with a new mortgage loan. Participants in the FTHB program must contribute 3% of the acquisition cost toward the purchase transaction, and additional funds as needed for closing costs. The maximum purchase price permitted under this program shall not exceed the currently established 203(b) limit of $375,000 for Existing Re-sale home Price and $419,000 for Newly Constructed Home Price, Effective April 13, 2015. This second mortgage is an interest-bearing loan, with all payments deferred until sale, or refinancing or full payment of the first mortgage. Interest shall accrue from the Note date at a rate of 3% simple interest and shall continue to accrue on all unpaid principal until 30 years after the Note is executed. The maximum amount of the home assistance per unit is limited by the HOME program subsidy limit per unit as established under Section 221(d) (3), for the Los Angeles County.
Owner-Occupied Rehabilitation (OOR) Program Summary:
The maximum loan amount of program assistance is $25,000 or the amount needed for rehabilitation, whichever is less. The deferred loan interest rate is 3%. Payment in full, principal and accrued interest is due when title is transferred or the property changes ownership. The deferred loan is secured by a Note and Deed of Trust. A minimum of 60% of the proposed work shall be for the correction of code violations posing a health and safety concern. Items eligible for rehabilitation include: roofing, new driveway, exterior painting, stucco, faulty plumbing, heating and hazardous wiring repairs and security lighting. The deferred loan is to be used on a one-time per property basis.
2014 MAXIMUM TOTAL HOUSEHOLD INCOME LIMITS (HOME)*
Los Angeles County
State HOME: Effective May 1, 2014
Household
Size
Income
Equal to or
less than 30%
of Area Median
Income
31% to 50%
of Area Median
Income
51% to 60%
of Area Median
Income
51% to 80%
of Area Median
1 $17,150 $28,550 $34,260 $45,650
2 $19,600 $32,600 $39,120 $52,200
3 $22,050 $36,700 $44,050 $58,700
4 $24,450 $40,450 $48,900 $65,200
5 $26,450 $44,050 $52,850 $70,450
6 $28,400 $47,300 $56,760 $75,650
7 $30,350 $50,550 $60,660 $80,850
8 $32,300 $53,800 $64,560 $86,100
*Based on 2014 Median Family Income for the Los Angeles - Long Beach Metropolitan Area of $60,800

 

City Hall Contact

701 E Carson Street
Carson, CA 90745
(310) 830-7600, 7 AM - 6 PM
Monday - Thursday
24-hour automated: (310) 952-1700

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