On August 6, 2019, the City Council approved the creation of an Assessment Deferment Program (ADP) to offer financial assistance to property owners with limited income to help cover the cost of utility undergrounding on their primary residence. The ADP is offered after the formation of an Underground Utility Assessment District (UUAD), an area in which all utility wires are removed from existing overhead locations and placed underground. For more information about utility undergrounding, please visit: www.citymb.info/uuad.
The City’s ADP allows qualifying property owners to defer all or a portion of their annual debt service assessments for utility undergrounding through a loan provided by the City at a fixed interest rate determined at the time the project commences. Information about this program is summarized in the following documents:
- Assessment Deferment Program Brochure
- Printable Version (8.5" x 14")
- Assessment Deferment Program Staff Report - August 6, 2019
- Underground Utility Assessment Districts Publication (The Beach Reporter on Oct. 17 & Oct. 31, 2019)
Qualified property owners can apply to have the City assist with paying the annual property assessment amount due (which may include set up fees and the cost of lateral connections) as a loan secured by the property, allowing participants to defer full assessment payments until either the assessment obligation is met or until the sale or transfer of the property occurs. In the case that the property is sold or transferred, the remainder of the assessment plus any interest accrued will be due and payable.
In order to qualify for the program, property owners are required to fill out an application and provide information about their age, income and assets so that the City may determine eligibility for the program. Details on the ADP criteria are available in the linked brochure.
An applicant’s income level is utilized to determine the level of support the City will provide, as shown below:
For more information about the State's Property Tax Postponement Program, please visit: www.sco.ca.gov.
As an example, the following chart details the expected contributions from different Sample Gross Income levels for both a $2,000 and $5,000 Annual Assessment:
For additional information, please contact the Finance Department at (310) 802-5550 or FinanceADP@citymb.info.