The City loan amount will vary for each qualified applicant and will carry zero percent interest (0%) and no monthly payment and a share of the appreciation of the property. The loan (with shared appreciation) will become due and payable in the event of a default or death of the homebuyer, sale of the property, refinance of the property for cash-out, or when the homeowner no longer lives in the property. After thirty years of continued occupancy and ownership, 100% of the City loan will be forgiven (reduced to $0.00)
2022 Maximum Income Guidelines
Household Size (No. of persons)
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
Max. Allowable Annual Income
|
$66,750
|
$76,250
|
$85,800
|
$95,300
|
$102,950
|
$110,550
|
$118,200
|
$125,800
|
Based on HUD’s FY 2022 Income Limits for Los Angeles County
For more detailed information and application click here.
Housing Division at (626) 569-2140
[email protected]