Corona Real Estate Housing Assistance Programs

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Corona Affordable Housing Assistance Programs

Under State law, Redevelopment Agencies are required to set aside 20% of the funds received from a redevelopment project area for the creation and preservation of affordable housing. The Redevelopment Agency for the City of Corona has traditionally accomplished this goal through implementation of housing programs that provide a wide range of assistance to improve our neighborhoods and support the needs of eligible first-time homebuyers, senior citizens and existing home owners. The Redevelopment Agency also uses Home Investment Partnership Act (Home Program) funds to implement housing programs.

First Time Homebuyer Program

The First Time Home Buyer (FTHB) Program has been suspended at this time per City Council action on January 7, 2004. The continued apperciation of home prices in Corona coupled with the restrictive income guidlines associated with the use of federal HOME Program funds created an affordability gap that could not be fully addressed by the FTHB. The Program suspension will be in effect until such time that home prices and the income guildlines are in accordance and can provide meaningful first time home buyer assistance.

You can check this web site in the future for updates on the FTHB Prgram. In addition the City will be adding links to local communities and alternative prgrams that may provide home buying assistance.

Public Lease-Purchase Program

Home Improvement Grant and Loan Programs

The Home Improvement Programs offer technical and financial assistance to qualified homeowners to correct health and safety deficiencies and code violations. Two separate forms of financial assistance are available under the programs:

• Home Improvement Loan Program (HIP) - This program assists low- and very low- income homeowners in maintaining their property by providing a loan of up to $30,000 at 0% interest. Mobile home owners may receive a loan for up to $10,000. This is a loan, and it must be repaid. Refer to the Income Eligibility Table, under low income, for qualifying incomes.
• Minor Home Improvement Grant Program - Grants up to $5,000 are offered to very low-income, single-family and mobile home owners to complete minor home repairs (such as replacing faucets, broken windows, water heaters, minor electrical improvements, etc.) This is a grant, and it is not required to be repaid. Refer to the Income Eligibility Table, under very low income, for qualifying incomes.

For detailed information on the above housing programs, contact Jesus Morales at Jesus.Morales@ci.corona.ca.us or (951)739-4950.

This article can be found at: http://www.ci.corona.ca.us/depts/redev/housing.cfm

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