Homeowner Rehabilitation Loan Program
The program's purpose is to improve the housing quality of low-moderate income property owners by eliminating substandard housing conditions by rehabilitating the property to meet code requirements, increase energy efficiency and other general improvements that are of an essential and permanent nature for home accessibility and livability.
May include but are not limited to: structural repairs; energy improvements; accessibility for a disabled person; lead based paint hazard reduction; repair or replacement of major housing systems; incipient repairs and general property improvements of a non-luxury nature; correction of a drainage problem; non-living space limited to demolition of deteriorated structures, structural repairs, or weather protection.
- Program participants must have an income at or below 80% of the median family income guidelines
- Property to be improved must be owned by the applicant at the time of closing
- The unit to be improved must be occupied as the homeowners principal residence throughout the affordability period
Interest Rates and Loan Information
- Minimum Loan: $1,000
- Maximum loan: $40,000
- Loan terms:
|Income Range||Amortized Loan||Deferred Loan|
|0-65% of Median Income||n/a||100%|
|65%-80% of Median Income||50% of loan||50% of loan|
- A deferred loan is a non-installment loan which will be repaid in accordance with the loan terms.
- Match: Not required
The property to be i proved shall by occupied by the applicant as a principal residence for minimum periods as follows:
- 5 years if total of HOME funds are less than $15,000
- 10 years if total HOME funds are between $15,00-$40,000
View more detailed information concerning homeowner rehabilitation program: