AND LOANS FROM INDIVIDUAL CITIES AND COUNTIES
Preservation and Housing Rehabilitation Loan Program Offices of
most cities and counties in the Bay Area offer low-cost loans and
grants to low- and fixed-income homeowners for this type of work.
The source of the funds are their Community Development Block Grant
(CDBG) funds from the federal government. Program requirements and
funds available vary.
CITY OF OAKLAND
In July 2007, Oakland
joined Berkeley to offer financial incentives to owners of homes
in the City. The program has two parts:
1 - a fixed building
permit fee of $250 for seismic retrofits of homes.
2 - a rebate of up to
0.5% of the City's property transfer tax if the funds are to be
used for qualified retrofit projects.
For more information
on these incentives, see the City of Oakland WEB
SITE on this program.
CITY OF BERKELEY
Seismic Retrofit Incentive Program
is an award-winning local government program offering financial
incentives to owners of properties in the City. The program includes:
1 - a waiver of building permit fees for all qualified retrofit
2 - a rebate of up to one-third of the City's 1.5% property transfer
tax if the funds are used for qualified retrofit projects.
FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS - Affordable Housing
The ABAG Finance Authority
For Nonprofit Corporations (the "Authority") is a Joint Powers Agency
formed to help eligible nonprofits and other borrowers to gain access
to tax-exempt debt financing. The Authority simplifies the debt
issuance process for both the borrower and the jurisdiction in which
the borrower is located by issuing conduit tax-exempt bonds or certificates
of participation to finance projects with demonstrated public benefit.
The Authority has financed projects on behalf of:
- health care clinics;
- retirement facilities;
- nonprofit housing developers;
- multifamily housing partnerships;
- private schools;
- behavioral health care agencies;
- substance abuse facilities; and
- community service organizations.
Projects financed by
the Authority have involved facility acquisition and rehabilitation,
equipment acquisition, and new construction. The Authority is one
of several of ABAG's financial service programs, which currently
provide an aggregate of approximately $300 million to approximately
50 projects annually. However, these programs do not have any capacity
limits on either the dollar amount of an individual financing project
or the number of projects financed.
The Authority is managed
by ABAG for member jurisdictions throughout the State of California
and will only issue debt for projects located in those member jurisdictions.
Any local jurisdiction in the state may become a member. Proposed
projects must have the support of the member jurisdiction in which
they are located.
One program of the Authority
provides tax-exempt financing for the acquisition, construction
and rehabilitation of multifamily and senior housing, to California
501 (c)(3) nonprofit housing developers, partnerships and for-profit
entities with public benefit projects (such as affordable housing).
Consistent with ABAG's long standing commitment to policy supporting
affordable housing, the primary goals for this program are to provide
low-cost financing for smaller urban projects and an efficient competitive
lending vehicle for larger developments.
In March 1999, the Authority
issued $23 million in Revenue Certificates of Participation for
Channing House, a nonprofit corporation which owns an 11-story building
in Palo Alto, California. The building contains 232 Residential
Care Facilities for the Elderly (RCFE) apartment units and seven
rooms for skilled nursing services with 21 beds. The 232 RCFE units
consist of 32 assisted-living units, 98 studio units, 89 one-bedroom
units, and 12 two-bedroom units. By going through the Authority,
the interest rate was only 5.25%. The funds are being spent for
seismic strengthening of the building, as well as for installation
of an additional freight elevator. The seismic retrofit involves
putting the building on seismic isolators that reduce the earthquake
forces transmitted up into the building. This retrofit design was
chosen to minimize the construction disruption to the elderly occupants
of the building.
For more information
on this program, click