CHDC Launches New Financing Program:
The California Air Resources Board and Community Housing Development Corporation (CHDC) announced a pilot program offering residents in targeted disadvantaged communities the opportunity to purchase fuel efficient, and ultra-clean, vehicles. CHDC signed a grant with the Air Resources Board to administer the Light-Duty Financing Assistance in Disadvantaged Communities pilot project. This project will allow CHDC to provide financial assistance (price buy-down grants and loans) opportunities enabling consumers to purchase advanced technology vehicles, which will result in immediate greenhouse gas benefits and clean transportation.
Vehicle Financing Options:
CHDC’s Transportation Program is an economic empowerment program that combines low-interest loans with financial education, budget consulting, and personalized management. We assist with financing of
Advanced Technology Vehicle Loans
Through a partnership with the California Air Resources Board, CHDC is proud to offer the opportunities for customers to purchase a used reliable advanced technology vehicle.
- up to $5,000 buy down
- Plus special financing up to $15,000
- With an interest rate up to 8%
- Up to 60 months repayment
What Is An Advanced Technology Vehicle?
Advanced technology vehicles are fuel efficient, ultra-clean, and alternative fuels vehicles. These vehicle may run on a fuel other than traditional petroleum or Diesel fuel. It also refers to electric cars, and hybrid electric vehicles.
Because of a combination of factors, such as environmental concerns, high oil prices and the potential for peak oil, development of cleaner alternative fuels and advanced power systems for vehicles has become a high priority for many governments and vehicle manufacturers around the world.
Information about Eligible Vehicles:
Eligible vehicles for the purpose of this Financing Assistance Program include light-duty passenger vehicles that are either a hybrid electric vehicle (HEV), a plug-in hybrid electric vehicle (PHEV), a battery electric vehicle (BEV), or a fuel cell electric vehicle (FCEV). For used vehicles (HEV, PHEV, or zero-emission vehicles including BEV and FCEV), vehicles must be eight years old or newer with a combined fuel economy rating of at least 20 miles per gallon of fuel or more depending on the model year (See table below).
|Table 1: Minimum U.S. EPA Combined Fuel Economy Rating by Model Year|
|Model Year||Minimum U.S. EPA Combined Fuel Economy Rating|
- For a hybrid electric vehicle, 8 years old or newer with combined fuel economy rating of at least 20 miles per gallon of fuel or more depending on the model year, a maximum price buy-down of $2,500. Program participants purchasing an advance technology vehicle may be eligible for additional funding through a favorable auto loan through our preferred lenders. The funding maximums are as follows:
- For plug-in hybrid and zero emission vehicles, a maximum price buy-down of $5,000.
How To Apply:
Contact Community Housing Development Corporation at PH: (510) 412-9290
Am I Eligible?
Eligibility Requirements include:
- Reside in eligible zip code, for list of zip codes click here
- Valid CA driver’s license
- 18+ years old
- Ability to repay loan and cover expenses related to car ownership and insurance
- Verifiable Income
- Income up to 400% poverty level
- Not currently in or filing for bankruptcy
- Resident of a disadvantaged neighborhood in Alameda, Contra Costa, Santa Clara, Santa Cruz, Solano, or San Francisco Counties