-Frequently Asked Questions-

For Recorded Information,
Please call (626) 939-8888.

To speak to the Housing Program Coordinator
please call (626) 939-8432.

Housing Preservation Program
As part of the Fiscal Year 1999/2000 budget of the Community Development Commission, $1 million was budgeted from housing set-aside funds to initiate a new home improvement loan program. The Housing Preservation Program will focus on preserving middle-income housing stock in the City of West Covina by utilizing code enforcement as a primary component in identifying residential properties that are in need of exterior improvement.



Objective

• Over the past several years, a large percentage of the housing stock within the City has matured and is now in need of a face-lift. This Program was adopted as part of the budget to protect and preserve the single-family housing stock.

Program Guidelines
The Program will provide eligible, moderate-income West Covina homeowners a low-interest home improvement loan of up to $10,000. Loans repaid within the first ten (10) years will not accrue interest and after the tenth year, loans will accrue simple interest at a rate of 5 percent per annum until they are paid in full. To be eligible, a single-family home must be the primary residence and the homeowner must have resided in the home for a minimum of six (6) months.

Homeowners will be required to execute a promissory note secured by a deed of trust. The loan is to be repaid when any one of the following occur:

• When the property is sold or title is transferred (includes transfer within family);
  
  
• Upon the death of the Title holder(s) of the property [the homeowner(s)];
  
  
• Upon the homeowner refinancing their primary loan(s) or a take-out financing;
  
  
• If the homeowner is in default of the loan agreement;
  
  
• When the property fails to be maintained according to City building codes; or
  
  
• When the homeowner no longer resides in the house.

Basic Requirements

• Must be a homeowner residing within the City of West Covina.
• Income must meet qualifying income guidelines.
• Exterior improvements only.
• Maximum loan of $10,000 plus a $50 bank-processing fee.

Financing Provisions

• Homeowners previously given a loan through the Home Improvement Loan Program are not eligible to receive a Housing Preservation Loan.
• The City of West Covina does not subordinate loans approved under the Housing Preservation Program.
• Monthly loan payments will begin after year 10.
• Only licensed contractors can be used. Should the homeowner wish to do the work, the Agency will pay for materials only; no equipment, labor or tool costs will be paid. All payments will be made upon completion of work.

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