The CalCAP/Seismic Safety Financing Program is designed to assist California small businesses and residential property owners with financing the costs for seismic retrofit construction alterations to buildings in order to substantially mitigate potential damage from seismic events.
The loans in this program must be used to help eligible California small businesses and residential property owners (including multi-unit dwellings and registered mobilehomes) to finance the costs of seismically retrofitting existing buildings and homes. Loans enrolled in the program may receive up to 100% coverage in case of defaults.
Proceeds from loans enrolled in the CalCAP/Seismic Safety Financing Program may be used for seismic retrofit construction alterations performed on or after January 1, 2017, of a qualified building or its components to substantially mitigate seismic damage. Seismic retrofit construction includes, but is not limited to, the following:
- Anchoring the structure to the foundation
- Bracing cripple walls
- Bracing hot water heaters
- Installing automatic gas shutoff valves
- Repairing or reinforcing the foundation to improve the integrity of the foundation against seismic damage
- Anchoring fuel storage
- Installing an earthquake-resistant bracing system for mobilehomes that are registered with the Department of Housing and Community Development
- Strengthening a building’s lateral load resisting system
The maximum loan enrollment amount is $5,000,000.00 with $250,000.00 enrolled in the program.
CPCFA does not work directly with borrowers to apply for financing, applicants must apply through participating Financial Institutions. https://www.treasurer.ca.gov/cpcfa/calcap/seismic/lenders.pdf
The total number of loans enrolled (2016-2019) is 3, with an average loan amount of $95,000.00.
The Borrower must have legal control of the facility for a term that is equal to or greater than the length of the enrolled loan, and assumes the financial liability of the loan.When the qualified building is a mobile home or a manufactured home, it is required that the home is currently registered in the Borrower's name with the Department of Housing and Community Development.
The small business or home must be located in California. The loans for areas with high unemployment rates or that are within a declared disaster area are eligible for additional funding.
Matching Funding Requirement:
Yes, the Borrower and Lender both pay fees, which range between 2-3.5%of the loan enrollment amount.
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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