LIPA $90,000 program guideline

2020-06-09 21:35

Loan Amount

We provide a loan of up to $90,000 for down payment, closing costs, and acquisition.

Home purchase price limit
  • Single Family Homes: $745,750

  • Condominiums & Townhomes: $513,000

Loan terms

  • Deferred, requiring no monthly payments

  • Loans have a Shared Appreciation component in which the City will share a certain percentage of the appreciation in the value of the property. For an example of Shared Appreciation, click here

  • Repayment is due on sale, title transfer, first mortgage repayment, or in 30 years

  • Refinancing of first mortgage is allowed under certain conditions

Eligible properties

  • One unit properties, i.e. single family residences including townhomes and condominiums

  • Properties must be located in LA (116 cities)

  • Properties cannot be occupied by tenants

  • Approved short sales/pays, foreclosed and REO properties and regular sales

  • All properties are inspected by the City to ensure they meet all applicable state and local housing standards and code requirements. We also conduct a Lead Based Paint Visual Assessment on the property to identify deteriorated paint in the homes. All properties must pass the City inspection. Any required corrections or repairs on the property should be done at the cost of the owner or homebuyer and must be completed before the application for financial assistance is submitted.