San Mateo County Has HEART

That’s the Housing Endowment and Regional Trust (HEART) to you and me, and their very noble mission is “To raise public and private funds to meet critical housing needs in San Mateo County.” Started in 2002, the trust has been working to raise money and fund people’s dreams. The two important housing programs they offer are:

• Buyer Assistance Program: Just launched this summer, the program has been dubbed “Opening Doors in Our Community.” Working in partnership with Meriwest Mortgage, HEART will offer below-market second mortgages to help San Mateo County residents get into a home. The HEART part of the package will reduce interest rates, pay part of the closing costs (which always throws buyers for a loop), and pre-pay the PMI (private mortgage insurance). Targeted to teachers, public and service employees and mid-level workers, the loan program has 5 basic criteria: Household income up to $150,000; work or live in San Mateo County; Purchase price of $700k or less; First-time or “move closer” buyer; Minimum 3% down payment and good credit score.

• Quickstart Revolving Loan Fund: HEART has raised $1.265 million to help finance construction of multi-family rental dwellings, second (rental) unit construction (in-law type unit), and for low-income housing development. In cooperation with Wells Fargo Bank and CalHFA, short-term loans are being made available to these three specific groups, at a 2% rate for a maximum of 3 years. If you have considered adding on a second unit, this would be worth checking out. A max of $150,000 is available for costs involving architecture, engineering, planning review and construction. Specific Information and Application can be found here.

HEART has raised over $9.8 million from state and county funds, as well as from the private sector (primarily Wells Fargo and Genentech, Inc.). Thus far, the program has helped to fund 487 affordable homes, including Trestle Glen in Colma, Village at the Crossing in San Bruno, Hillcrest Gardens in Daly City, and Oceanview Apartments in Pacifica.

For more information, you an visit the HEART website, which includes more information on the loans, as well as applications for interested parties.

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