Community Development

ATTENTION!

$1,000,000 CITY FUNDS ARE AVAILABLE FOR FIRST

TIME HOMEBUYERS AND OTHER CITY PROGRAMS:

FIRST TIME LOW INCOME HOMEBUYER PROGRAM
OWNER OCCUPIED HOUSING REHABILITATION
NEIGHBORHOOD STABILIZATION PROGRAM

First Time Low Income Homebuyer Program (FTHB) - offers down payment/gap financing assistance to first time homebuyers that meet the requirements of the program on a first-come-first-serve basis. The program offers up to $40,000 at 1% interest with 30 year deferred payments.

Owner Occupied Housing Rehabilitation Program (REHAB) - offers assistance to low income homeowners that are in need of making repairs to their principal residence. The amount of the loan is up to $40,000 at 0% interest with 30 year deferred payments for those that meet the program requirements.

Neighborhood Stabilization Program (NSP) - the City of Porterville has purchased 5 foreclosed properties, 3 of the 5 are completely rehabilitated and are on the market, and 2 are nearing completion. These properties will be sold to qualified buyers that meet the NSP requirements (up to 120% of area median income). If Homebuyer Assistance is utilized, the maximum amount under this program is, up to $40,000 depending on need at 1 % interest with 30 year deferred payments.

FY 2010

Income Limit Area

Median Income

FY 2010 Income Limit Category

1 Person

2 Person

3 Person

4 Person

With City of Porterville Assistance

FTHB

REHAB

Low (80%) Income Limits