"The program provides up to $100,000 in low-interest, 30-year loans with rates ranging from 0.25% to 1% and requires no down payment. The loans aim to help eligible residents replace deteriorating units in order to stay close to work or school. The program is managed by HEART, an independent, county-level housing agency financially supported through a joint powers authority by San Mateo County and all its cities."
"The loan program is funded through Measure K, a half-cent countywide sales tax that supports public programs and social services, with allocations determined by the Board of Supervisors. The first round of loans was funded last year at $2 million for up to 20 borrowers. To date, 18 residents have received loans since. Loan repayments will be reinvested to support future borrowers."
"In San Mateo County, individuals earning below $109,700 are considered low income, the maximum income to qualify for the loan, though the threshold varies by household size. Households earning as little as $40,000 can qualify for a mobile home loan, the organization said. HEART noted that a $100,000 loan can have monthly payments ranging from $288 to $422, depending on the interest rate, not including the land lease."
HEART launched a Mobile Home Loan Program pilot last year and currently has funding available for at least two more loans. The program offers up to $100,000 in low-interest, 30-year loans with rates from 0.25% to 1% and requires no down payment. Loans aim to help eligible residents replace deteriorating units to remain close to work or school. Funding comes from Measure K, a half-cent county sales tax, with allocations set by the Board of Supervisors. The first round provided $2 million for up to 20 borrowers, and 18 residents have received loans so far. Repayments will be reinvested to support future borrowers. Income eligibility tops at $109,700, with households earning about $40,000 qualifying. Typical monthly payments for a $100,000 loan range from $288 to $422, excluding land lease, and manufactured homes can usually be delivered within one to three months after approval.
Read at www.mercurynews.com
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