Los Angeles
Housing + Community Investment Department (HCIDLA)
Fifteenth Amendment (Substantial) to the 40th Year Annual Plan (40-15)
Homeownership Assistance Program
Purpose
In accordance with the Code of Federal Regulations (found under 24CFR
Parts 91.105 and 91.505), and our Community Participation Plan, the City
of Los Angeles is required to provide citizens with an opportunity to
comment on all proposed Substantial Amendments to its Housing and
Community Development Consolidated Plan.
Proposed Changes
The purpose of this substantial amendment is to reprogram $1,016,918 of
unused CDBG funds from the Rehabilitation Comprehensive project:
$989,927.35 to the Homeownership Assistance project (also known as the
Low Income Purchase Assistance Program, or LIPA); and $26,990.65 to
the City’s required Section 108 Repayment to HUD line item, which was
originally funded at $4,474,688 and was underestimated by the
reprogrammed amount.
The LIPA Homeownership Program provides purchase assistance loans to
eligible low- and moderate-income, first-time homebuyers that purchase
their primary residence in the City of Los Angeles. The CDBG funds will be
used to assist in paying the down payment, closing costs, and acquisition
costs associated with a first-time home purchase; and for the cost of
HCIDLA staff to operate the program. The reprogrammed funds will allow
the LIPA Homeownership Program to provide assistance to at least 11
additional low- and moderate-income families.
The Comprehensive Rehabilitation Loan Program has been inactive for the
past few years due to insufficient funding from various sources. That
program provided loans for rehabilitation and repairs to existing low- and
moderate-income homeowners.
Comment Period
HCIDLA will receive public comment on the proposed amendment between
February 9, 2015 and March 11, 2015.
Address all questions or comments on the proposed substantial
amendment to:
Janet West, Grants Administration
Los Angeles Housing + Community Investment Department
1200 W. 7th Street, 9th Floor
Los Angeles, CA 90017
Telephone: (213) 808-8428
Fax: (213) 808-8410
TTY: (213) 473-3231
E-mail: [email protected]