You might notice some of your friends and neighbors fixing up their homes and wonder how they can afford to make those necessary repairs. It may be some of them are benefiting from the City of Arcata's Housing Rehabilitation Program.
The City of Arcata has been awarded grant funds (to help maintain its housing stock) from the California State Department of Housing and Community Development. They have contracted with RCAA to help disburse these funds in the form of low interest and deferred payment loans. If you have housing repair problems and haven't been able to afford to get them fixed, we might be able to help you.
The program is for low-income homeowners and landlords willing to sign a rent limitation agreement.
Applicants who are over 60 years of age, disabled or on fixed incomes may be eligible for deferred loans.
Low Interest Loans: $1,000 to $30,000 with an amortized interest rate of 3% for 15 years to eligible homeowners.
For the owners of rental properties, loans up to $30,000 per unit for multiple units for 15 years at an interest rate of 5%.
Deferred Payment Loans
For very low-income homeowners, the program offers 1.5% simple interest, no monthly payment loans of up to $30,000.