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| Home Improvement Loan Program |
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Thank you for your interest in the City of West Covina Community Development
Commission (CDC) Home Improvement Loan Program.
The goal of the program
is to encourage pride in ownership by offering deferred loans for eligible home
improvements. To qualify, you must be a West Covina homeowner and earn no more
than the maximum income limit established for the program.
If you
qualify, you may apply for a no-interest deferred payment loan amount of up to
$10,000. A $50 processing fee is added to the loan amount. The loan is secured
by a deed of trust; therefore you must supply the CDC with a recorded copy of
the deed of trust to your home.
An inspection of your home is
required before any work can commence. Our staff will work with you in
listing the improvements which may be funded through the program. Please note
that any and all building/safety code violations are required to be corrected
within a reasonable time period regardless of whether you choose to
participate in this program.
Attached is a Home Improvement Loan
application packet and a brochure which provides answers to the most commonly
asked questions regarding the program. It is very important that you carefully
review all the enclosed documents before you begin to supply the
requested information.
BECAUSE THE PROGRAM IS SO POPULAR, WE ASK THAT
YOUR COMPLETED APPLICATION BE SUBMITTED BEFORE THE DATE STAMPED AT THE TOP OF
THIS LETTER. In the event your complete application is not received by the
CDC within the specified two-week period, you will lose your place on the
program's waiting list and have to reapply. If you qualify for a loan, you will
have up to one year to complete all work after the loan is made.
You may
mail or hand deliver your completed loan application packet to the CDC located
at West Covina City Hall, Second Floor, Room 218, 1444 West Garvey Avenue South,
West Covina, CA 91790. Please allow three to five business days from receipt of
your application for CDC staff to process your loan request. In order for your
application to be processed, we must have a copy of your Deed of Trust.
If you have any questions after reviewing the loan application packet,
please call Barbara Banks, Housing Program Coordinator. |
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