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San Pablo Loan Assistance for Sustainable Housing

ABOUT THE PROGRAM: SPLASH is a first-time homebuyer program offered by the San Pablo Housing Successor Agency (HSA) of the City of San Pablo and the San Pablo EDC for qualified low-income* aspiring homeowners.

*According to a primer provided by HUD



  Loan Type: The loans made through the SPLASH Program will be deferred payment (also known as “silent second”) loans. No payments will be required until the property is sold or otherwise transferred (including refinancing).

  Loan Amount: SPLASH is a shared appreciation loan (SAL) with a 15-year term for up to 10% of the purchase price of the home not to exceed $50,000.

  Loan Interest: The greater of: (a) shared appreciation; or (b) three percent (3%) per annum simple interest.

  Prepayment: Borrower may prepay the loan at any time without penalty.

  Loan Length/Term: Up to 15 years.



  First-Time Homebuyers: SPLASH is intended for qualified low-income first-time homebuyers seeking to purchase a home in the jurisdictional boundaries of the City of San Pablo (no exceptions).

  Borrower Eligibility: Borrower and Borrower’s household must meet income requirements (and must agree to continuously occupy the property as his/her principal residence).

  Down Payment: Borrower must provide a minimum of 3.5% of the sales price as a downpayment.

  Use of Funds: Loan funds may only be used for downpayment assistance or non-recurring closing costs.

  Priority to: First-responders and teachers and veterans.



Teacher: A person who teaches or works at an accredited K-12 school at which at least 30% of the enrolled students live in the City of San Pablo for the purpose of qualifying for loan interest forgiveness. This person is referred to as a SPLASH-qualified Teacher.

First Responder: A person who is certified and employed as a paramedic, emergency medical technician, police officer, or firefighter for the purpose of qualifying for loan interest forgiveness. This person is referred to as a SPLASH-qualified First Responder.

Veteran: A person who served in the active military service and who was discharged or released therefrom under conditions other than dishonorable for the purpose of priority application consideration.

Administration Fee: A $1,000 nonrefundable fee charged by the Program Administrator to the loan recipient for the underwriting, processing, and servicing of the Loan. Fees may be adjusted from time to time by the HSA.

HUD: The United States Department of Housing and Urban Development.  

Incorporated City of San Pablo: The geographic area that formally constitutes the incorporated city boundaries of San Pablo as defined by the Local Agency Formation Commission (LAFCO) and whose residents are subject to the property-related municipal taxes and bonds, and whose businesses are subject to city-defined sales tax.