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San Jose Home
Loans & Grants for Flood Victims
Disaster loans with very favorable terms are available to help renters, homeowners, and businesses affected by the February 2017 Coyote Creek Flood.
  • For renters, homeowners, and business owners. Low-interest loans are available through the Small Business Administration (SBA) for renters, homeowners, and businesses. While SBA is no longer taking applications at City Hall, or you can still apply online or by mail. See the SBA fliers in English, Spanish, and Vietnamese.
  • For income-restricted single-family homeowners. No-interest loans from State funds are available through the City Housing Department for income-restricted single-family homeowners. The homeowner's income cannot exceed 120% of the Area Median Income (AMI) as determined by household size--see chart at bottom of page. This program is available until it reaches its cap of a total $5.7 million in loans. See fliers in English, Spanish, and Vietnamese
  • For low-income single-family homeowners and mobilehome owners. Grants up to $5,000 for repair work to be done by City nonprofit partners, Rebuilding Together or Habitat for Humanity, are available through the City Housing Department for low-income homeowners, including owners of mobilehomes. The homeowner must earn no more than 80% of the Area Median Income (AMI) as determined by household size--see chart at bottom of page. See fliers in EnglishSpanish and Vietnamese.

The matrix below is designed to help you understand the loan options, terms, and requirements. For more information, please contact the Housing Department at (408) 975-4440.

 Financial Assistance for Flood-Impacted Renters, Homeowners, and Businesses
 Applicant/Borrower  Program
 Loan/Grant Amounts
 Eligible Expenses
 Loan/Grant Terms
Owner-Occupied Single-Family Homeowners


Small Business Administration (SBA) Home and Personal Property Loans
Up to $40,000 for personal property.

Up to $200,000 to repair a primary residence to
pre-disaster condition.
Loans to homeowners or renters to repair or replace disaster-damaged real estate; Repair/replace clothing, furniture, cars, or appliances damaged or destroyed in the disaster.
Interest rate: 1.875%

Repayment term: Up to 30 years

Requirements: 
Loans over $25K must be collateralized to the extent possible. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of:
1) the total of the disaster loan,
2) the insurable value of the property, or
3) the maximum insurance available.
City of San José

Single Family Loan Program
Contact:
408-975-4440

Up to $150,000 to repair primary residence to pre-disaster condition.
General repairs such as exterior improvements, water heater replacement, duct work, or other issues caused by the flood.
Interest rate: 0%

Repayment term: Must be repaid at maturity (up to 30 years) or upon sale or transfer of the property.

Requirements:  
Applicant must earn no more than 120% of AMI.

Borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. 
City of San José     
                    
Minor Repair Grant Program
Contact: 
408-975-4440

Up to $5,000 to make minor repairs to impacted properties.
General repairs such as exterior improvements, water heater replacement, duct work, or other minor issues caused by the flood.
Requirements:
Applicant must earn no more than 80% of AMI.
Owner-Occupied Manufactured Homeowners

SBA Home and Personal Property Loans
Up to $40,000 for personal property; up to $200,000 to repair primary residence to pre-disaster condition.
Loans to homeowners or renters to repair or replace disaster-damaged real estate; Repair/replace clothing, furniture, cars, or appliances damaged or destroyed in the disaster.
Interest rate: 1.875%

Repayment term: Up to 30 years

Requirements
Loans over $25K must be collateralized to the extent possible. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of:
1) the total of the disaster loan,
2) the insurable value of the property, or
3) the maximum insurance available.
City of San José                            
Minor Repair Grant Program 
Contact: 
408-975-4440

Up to $5,000 to make minor repairs to flood-affected 
properties.
General repairs such as exterior improvements, water heater replacement, duct work, or other minor issues caused by the flood.
Requirements:
Applicant must earn no more than 80% of AMI.
Renters
(all property types)

SBA Home and Personal Property Loans
Up to $40,000
for personal property.
Repair/replace clothing, furniture, cars, or appliances damaged or destroyed in the disaster.
Interest rate: 1.875%

Repayment term: Up to 30 years

Requirements: Collateral is required for physical loss loans over $25,000. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of:
1) the total of the disaster loan,
2) the insurable value of the property, or
3) the maximum insurance available.
Owners of Apartment Buildings and Rental Homes
SBA Business Physical Disaster Loans
Up to $2,000,000. (The $2,000,000 statutory limit for business loans applies to the combination of physical and economic injury).
Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery, and equipment. Businesses of any size are eligible.
Interest rate: 3.150%

Repayment term: Up to 30 years

Requirements:
Loans over $25K must be collateralized to the extent possible. To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of:
1) the total of the disaster loan,
2) the insurable value of the property, or
3) the maximum insurance available.
Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes SBA Economic Injury Disaster Loans (EIDLs). Working capital loans.
Up to $2,000,000. (The $2,000,000 statutory limit for business loans applies to the combination of physical and economic injury).
Meet ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
Interest rate: 3.150%

Repayment term: Up to 30 years

Requirements:
Loans over $25K must be collateralized to the extent possible. To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of:
1) the total of the disaster loan,
2) the insurable value of the property, or
3) the maximum insurance available.

INCOME RESTRICTION INFORMATION

Income restricted to 80% of Area Median Income per household size as stated below:

   1 person  2 people 3 people 4 people 5 people 6 people 7 people  8 people
 

$55,500

$63,400

$71,350

$79,250

$85,600

$91,950

$98,300

$104,650


 Income restricted to 120% of Area Median Income per household size as stated below:

   1 person  2 people 3 people 4 people 5 people 6 people 7 people  8 people
 

$89,950

$102,800

$115,650

$128,500

$138,800

$149,050

$159,350

$169,600