The City runs a Home Ownership Program that provides gap financing for homebuyers who meet income qualification requirements. Loans are made for the difference between what a buyer can qualify for with conventional financing, and the purchase price. The maximum program loan can be no more than 49% of the primary lender's loan.
Homes must be located within the Arcata city limits. Loans are made at an interest rate of 1.5%, with payments deferred for 30 years. The required borrower down payment is 1% of the property purchase price. You can find more information about qualification and how the program works by choosing a link under Forms and Applications to the right.