Multifamily
Residential Purchase and Rehabilitation Program Policy/Central Avenue Acquisition PolicyThe Residential Purchase and Rehabilitation Program Policy was designed for the purpose of providing affordable housing opportunities and improving the City's neighborhoods. The primary focus of the Program is to purchase, rehabilitate multi-family units located in Housing Improvement Task Force Foundation Areas, or other neighborhoods and/or areas so determined by the Agency Board of Directors, are designated as “Special Target Areas.”
For additional information, please contact Christine S. Caldwell, Assistant Director of Redevelopment via email at ccaldwell@ci.montclair.ca.us or by phone at (909) 625-9413.
Homebuyer Assistance Program/Acquisition Policy Regarding Homebuyer Assistance Program ForeclosuresThe Redevelopment Agency adopted an Acquisition Policy Regarding Homebuyer Assistance Program Foreclosures. The policy was designed to minimize losses on the second mortgage loans provided through the Homebuyer Assistance Program. Under this policy, the Agency now possesses the ability to purchase certain foreclosed properties at the Trustee's Sale and rehabilitate and resell them at fair market value. In this manner, the Agency may be able to recover the full or partial amount of the second mortgage loans. For additional information, please contact Christine S. Caldwell, Assistant Director of Redevelopment via email at ccaldwell@ci.montclair.ca.us or by phone at (909) 625-9413.
Montclair Housing CorporationIn June 1994, the Montclair Redevelopment Agency Board of Directors approved on June 6, 1994, the formation of the Montclair Housing Corporation. The Montclair Housing Corporation was formed as a nonprofit, public-benefit corporation organized for the purpose of increasing, improving, and preserving affordable housing in the City of Montclair. The nonprofit corporation is organized for charitable purposes under Section 501(c)(3) of the Internal Revenue Code.
The Montclair Housing Corporation functions as a resource for the Agency to meet some of the State mandates imposed through use of Housing Set-Aside Funds. A housing corporation can acquire, own, manage, and dispose of properties in a more expeditious manner than a redevelopment agency. The housing corporation concept may be useful when considering projects such as mobile home park conversions, mobile home park development, apartment acquisition, or rehabilitation projects. Formation of the Montclair Housing Corporation ensures that the Agency units remain affordable to persons whose incomes do not exceed the low- to moderate-income levels as defined by state law. This has been accomplished through the 30-year Lease and Regulatory Agreement between the Montclair Housing Corporation and the Agency, and recordation of deed restrictions against all Agency-owned properties. For additional information, please contact Christine S. Caldwell, Assistant Director of Redevelopment via email at ccaldwell@ci.montclair.ca.us or by phone at (909) 625-9413.
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