At our February 3 General MLS meeting, we hosted apresentation by local Housing assistance officals to discuss the C4-HAP propgram to help buyers purchase foreclosures in specific targeted neighborhoods.
HAP stands for Housing Assistance Program. The big news in this era of economic austerity is that this government program has $1.2M to give away locally to homebuyers who qualify to purchase foreclosed homes in certain neighborhoods. Of course there are a few strings attached, and perhaps the biggest one you need to know is that they have to give it all away by June 30, 2010, or the money reverts to the State. (plus – see the kicker below)
With the C4-HAP program, the money is available as loans up to $65,000 that are 100% forgivable after 5 years. Stay in the house for 5 years, paying no interest on that loan, and then that Housing Assistance portion of the loan is completely forgiven. You can add gap financing of up to $65,000 to your regular home loan, in order to buy a house up to $190,000.
Eligibility
Here are some neighborhoods approved for this program:
In Anderson, Anderson Heights and allcensus tract 120
City of Redding – 101, 103, 107.01, 113, 114, 106, 108.01, 108.02, 110 and 118.
City of Shasta Lake – Census tracts 117, & 116 Block Group 1.
You can determine the census tract number by typing individual addresses of properties at this www.factfinder.census.gov address search link.
And here’s the kicker:
$750,000 of this $1.2M grant has to be in contract by March 31, or it returns to the state!
So let’s hurry up and take advantage of this unique opportunity. If you are not able to take advantage of this, perhaps you know somebody who should, and can pass this information along!
If you are interested in this program, you can go to the Shasta County Department of Housing and Community Action Programs Office located at 1450 Court Street, Suite 108, in Redding between 8 a.m. and 1 pm, Monday through Friday to complete a waiting list application.
From left, Jessaca Lugo, Jody White, and Torri Glasgow at the Shasta Association of Realtors
Here is the contact information for
City of Redding – Jodi White (530) 225-4173 jwhite@ci.redding.ca.us
City of Shasta Lake – Jessaca Lugo (530) 275-7464 jessaca.lugo@ci.shasta-lake.ca.us or
Loree Byzick (530) 275-7463 loree.byzick@ci.shasta-lake.ca.us
City of Anderson – Torri Glasgow (530) 245-6431 tglasgow@co.shasta.ca.us
Spread the word! Skip Murphy
Press play to listen to the recording of the meeting.
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