PROGRAM
DESCRIPTION |
The Self-Help
Builder Assistance Program (SHBAP) provides
a source of financing to nonprofit 501(c)(3)
corporations for site acquisition, site development,
and/or home construction.
The program also provides permanent take-out affordable
financing through the nonprofit developer for its
eligible owner-builders who are participating in
the mutual self-help construction method of a defined
development sponsored by an eligible 501(c)(3)
nonprofit developer. The maximum SHBAP
Income Limits for eligible owner-builders is based on a family
size of 1-8. |
TARGET MARKETS
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This program is intended to assist nonprofit 501 (c)(3) corporations statewide
who use the mutual self-help method of construction.
|
NONPROFIT
BUILDERS |
View a list of nonprofit
builders who have previously participated
with CalHFA. |
MAXIMUM
LOAN AMOUNT
|
Loans up to $750,000
are made to nonprofit 501(c)(3) corporations
for site acquisition, site development, and/or
home construction. More than one (1) SHBAP loan
per nonprofit housing sponsor is allowed so long
as each loan is on a different project and the
aggregate total of all outstanding SHBAP loans
does not exceed the maximum allocation amount
established for the specific nonprofit housing
sponsor (e.g. $750,000 or $1 million).
Nonprofits with a proven track record of timely
closing and completion of at least one (1) mutual
self-help development with CalHFA within the
last five (5) years, meeting reporting requirements
and demonstrating their ability to continue doing
so, may be eligible, subject to fund availability,
to borrow up to $1 million as a top tier developer. |
| APPLICATION FEE |
A loan application fee of one percent
(1%) of the SHBAP loan amount is required to be
submitted with the loan application. The application
fee will be refunded to the applicant if the application
is denied, or when the SHBAP loan closes escrow
and the first draw request is processed and disbursed. |
| MAXIMUM LOAN TO VALUE (LTV) |
The maximum LTV shall not exceed
90% or the maximum permitted loan amount. |
| DEVELOPMENT REQUIREMENTS |
The minimum number of units per
development is eight (8). |
| HOW TO APPLY |
For instructions on applying for
financing, please call CalHFA’s Homeownership
Division – Special Programs at: 877.9.CalHFA. |
| QUESTIONS |
Questions regarding the Self-Help
Builder Assistance Program should be directed
to CalHFA’s Homeownership Division – Special
Programs at:
P.O. Box 4034 , Sacramento, CA 95812
Phone: 877.9.CalHFA
Email: homeownership@calhfa.ca.gov |
IMPORTANT DISCLOSURE INFORMATION:
CalHFA does not lend money directly to consumers.
We use approved private lenders to qualify consumers
and make all mortgage loans. Rates can vary depending
on loan program and income level.
The information provided in this program description
is for guidance only. While we have taken care to provide
accurate information, we cannot cover every circumstance
or program nuance. This program description is subject
to change from time to time without prior notice. CalHFA
does not discriminate on any prohibited basis in employment
or in the admission and access to its programs or activities.
11/05
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