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City of Cathedral City
The Housing Rehabilitation Program is sponsored by the City of Cathedral City Affordable Housing Assistance Program and administered by RHDC. Low interest loans are available to help finance rehabilitation projects for income eligible homeowners.
The following programs may be available to you if you live in the City of Cathedral City and you meet the required income and program guidelines.
Dream Homes Revitalization Program (DHRP)
Maximum loan amount of $60,000. These are deferred loans that require NO monthly payments and contain an equity share provision upon resale or payoff. Deferred loans become due and payable upon the resale, transfer of title, refinancing of the subject property or the property is no longer owner occupied. The loan is a silent second mortgage, at zero percent interest, with no payments due so long as the property is owned and occupied by the recipient as his or her primary residence. The loan is for a forty-five (45) years term, at the expiration of which, the loan shall be forgiven in-full provided recipient complies with all Program terms and conditions. If the property is sold or transferred within the forty-five (45) years term, the Agency shall be entitled to Equity Participation as a form of buyer’s assistance.
Only applicants with household incomes at or below 120% of Area Median Income (AMI) are eligible for DHRL Deferred Loans.
The loan shall be secured by a Promissory note, Deed of Trust and certain Conditions, Covenants and Restrictions of Affordability and Maintenance (“CC & R’s”) recorded against the property for the full forty-five year term of the loan.
Community Home Improvement Program (CHIP)
Maximum loan amount of $10,000. Deferred loans accrue interest at 3% and require NO monthly payments. They become due and payable upon the resale, transfer of title, refinancing of the property or the property is no longer owner occupied. Only applicants with household incomes at or below 80% of Area Median Income (AMI) are eligible for CHIP Deferred Loans.
The loan shall be secured by a Promissory note, Deed of Trust and certain Conditions, Covenants and Restrictions of Affordability and Maintenance (“CC & R’s”) recorded against the property for the full term of the loan.
Eligibility is determined through an underwriting process. After your application is received by RHDC, you will be placed on a waiting list. You will be notified by mail when your file is complete and then notified by telephone when your file has been assigned to a Housing Development Analyst. The Housing Development Analyst will schedule an appointment to come out to your home and explain the program guidelines, verify which program funding you are eligible for and do an initial walk-through of the property.
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