The following is a press announcement from the City of Lancaster regarding a partnership with the California Department of Veterans Affairs to build affordable homes:
“It is quite simply a tragedy when any of our nation’s veterans have to struggle in order to obtain affordable housing,” said Vice Mayor Marvin Crist. “This is why it is so important for state and local government to work together to ensure our veterans have affordable options when it comes to purchasing a home. We are very pleased to enter into this partnership with CalVet to better serve the many veterans in our community.”
Over the past several years, the LHA has been successful in transforming foreclosed properties that could have once blighted a neighborhood into attractive, affordable homes ready for new owners who want to help contribute to making their new neighborhood a great place to live. Now, as part of this new partnership, the LHA will construct brand new homes in Lancaster’s more mature neighborhoods on up to a dozen vacant lots which are already owned by the LHA. These new homes will be made available for purchase through the LHA, and will be marketed to veterans. The program is expected to begin during fiscal year 2014/2015.
“CalVet is very excited about this collaboration, wherein the Lancaster Housing Authority will be building homes focused toward our veterans, and we will in turn provide loans up to the appraised value of the homes,” said Theresa Gunn, Deputy Secretary, CalVet Farm and Home Loan Division. “Through this collaboration we will be able to assist veterans in obtaining the American dream of homeownership.”
The CalVet Home Loan program is designed to help veterans save money, simplify the lending process, and help them protect their investment. CalVet offers home loans to veterans at below market interest rates with low or no down payment. In addition, CalVet Home Loans has expanded eligibility. According to CalVet, nearly any veteran wanting to buy a home in California is eligible.
To participate in this new program, veterans must first qualify for the CalVet loan. The amount of the CalVet loan provided may not exceed the appraised value of the home. Veterans who are interested in obtaining a CalVet home loan may visit CalVet online at calvet.ca.gov or call 1-866-653-2510.
ABOUT THE LANCASTER HOUSING AUTHORITY
The Lancaster Housing Authority (LHA) provides a range of services, housing programs and projects designed to assist in the maintenance and improvement of the quality of life in Lancaster’s neighborhoods. The goal is to make every neighborhood a desirable place to live, work and play by encouraging development and redevelopment through strategic investment of public resources. These operations work together to prevent further blight by encouraging and fostering housing and economic revitalization by: protecting and promoting the sound development and redevelopment of the community; reinvesting in older and often overlooked neighborhoods, commercial districts and downtowns; and encouraging new development at the edges of the City to be more compact and pedestrian oriented.
ABOUT THE CALIFORNIA DEPARTMENT OF VETERANS AFFAIRS
The California Department of Veterans Affairs (CalVet) works to serve California veterans and their families. With nearly 2 million veterans living in the State, CalVet strives to ensure that its veterans of every era and their families get the state and federal benefits and services they have earned and deserve as a result of selfless and honorable military service. CalVet strives to serve veterans and their families with dignity and compassion and to help them achieve their highest quality of life. For more information, visit calvet.ca.gov.