The City of Buena Park is committed to providing its residents with affordable housing and improving the condition of homes in existing neighborhoods so that they are maintained as assets to the community. Click on the links below for descriptions of each housing program available to Buena Park residents.
First-Time
Home Buyer
Assistance
programs for helping low-income residents purchase their first home.
Home
Improvement
Low-interest
loans and rebates for remodeling and repair work.
Multi-Family
Residential Rehabilitation
Assistance
to apartment building owners to help remodel and repair units.
Section
8
Orange County Housing Authority's Section 8 rental assistance program.
Apply directly for this program to Orange
County Housing Authority at (714) 480-2700.
Downpayment Assistance - This program provides assistance by funding a portion of the down payment through a second trust deed held by the City. This program is available to first-time homebuyers earning 80% of the median income or less.
| Buyer's Contribution towards down payment: | 3% |
| Maximum home sale price: | Single Family |
| Maximum Second Trust Deed Loan: | $100,000 |
| Interest Rate: | 3% simple interest, annually |
| Term: | 30-year term, due upon sale or transfer of ownership |
| Additional Requirements: | Must be occupied by seller before sale, and by buyer after sale |
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MORTGAGE CREDIT CERTIFICATE (MCC) - The City of Buena Park participates with the County of Orange in a pool of MCCs available on a first-come, first-served basis. MCCs enhance financing by allowing the buyer to take an income tax credit for mortgage payments. The credit is then counted towards the buyer's income in qualifying for a home loan. This program is available to first-time homebuyers who are purchasing a home with a maximum sales price of $448,259. Call Affordable Housing Applications at (800) 591-3111 or visit www.ahahousing.com for additional information and program income limits.
For more information on First-Time Homebuyer programs, e-mail Chris Hoang, or call (714) 562-3590.
The City of Buena Park makes loans and gives rebates to qualified home owners to improve the City's housing stock. The level of assistance that the City may provide is determined by eligibility based on household income. For more information, e-mail or call Lou Ruiz at (714) 562-3589, or Chris Mulligan at (714) 562-3593.
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| Deferred Loan | |
| Income Eligibility: | 80% or Below of Median Income |
| Maximum Loan Amount: | $32,000 |
| Interest Rate: | 5% Simple, Payments Deferred Until Sale or Transfer of Ownership |
| Term: | 15 Years or Upon Sale or Transfer of Ownership |
| Amortized Loan | |
| Income Eligibility: | 100% or Below of Median Income |
| Maximum Loan Amount: | $32,000 |
| Interest
Rate: 80% of Median Income 100% of Median Income | 3.0% 6.0% |
| Term: | 15 Years or Upon Sale or Transfer of Ownership |
| Rebate | |
| Income Eligibility: | 80% or Below of Median Income |
| Maximum
Rebate Amount: |
65% or Below = 40% Rebate Between 65% & 80% = 30% Rebate |
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In order to maintain as many affordable units as possible for Buena Park residents, the City sponsors a rental rehabilitation program. The program is designed to help apartment building owners renovate and repair units in return for renting 51% of the units at levels affordable to low-income residents. E-mail or call Debbie Dirnu at (714) 562-3588 for more information.
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| Maximum Loan Amount: | $15,000 Per Unit, to a Maximum of $120,000 |
| Interest Rate: | 0% |
| Term: | 30 Years or Upon Sale or Transfer of Ownership |
| Owner's Match: | 10% |
| Affordability Requirements: | 20%
of Units Affordable to 45% of Median Income 31% of Units Affordable to 60% of Median Income Units Must Remain Affordable For Life of the Loan |
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