What is the Redevelopment Homeownership Program (RHP)?
The Riverside County RHP Program is designed to provide assistance to low to moderate income persons in the purchase of their first home. Assistance may be provided for the down payment in the purchase of a home in the form of a silent second mortgage. The amount of assistance available depends upon the buyer’s qualifications and the price of the home. In general, a buyer may only receive what they need, up to 20% of the purchase price of the home, not to exceed $75,000. The RHP silent second mortgage bears 0% interest, requires no monthly payment and is forgiven after 45 years. If the property is sold within the 45 year affordability period, it is subject to resale restrictions. The first mortgage loan must be a fully amortized, fixed rate, thirty-year mortgage obtained through an approved, participating RHP loan officer.
