Overview
- The program offers up to $100,000 in 30-year loans at 0.25% to 1% interest with no down payment to help residents replace deteriorating units.
- An initial $2 million Measure K allocation was designed for up to 20 borrowers, and 18 loans have been issued so far.
- HEART plans to recycle repayments into a revolving pool to extend lending to future applicants.
- Eligibility targets low-income residents in designated parks in unincorporated San Mateo County, with typical payments of about $288 to $422 a month excluding space rent.
- HEART says new homes can arrive within one to three months after approval and reports significant quality-of-life gains for families moving out of aging RVs.