| LOAN AND GRANT USES: |
- Repair loan and grants may be used to remove health and safety hazards such as repairing roofs, heating, electrical and plumbing systems, water and waste disposal, installing screens, windows, insulation and other steps to make the home safe.
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Home improvement loans may include similar purposes, but may also be used to modernize and bring a home up to standards, make changes for convenience, add a room, remodeling and overall making improvements to the home. The home must be owner-occupied.
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RESTRICTIONS: |
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The outstanding loan amount cannot exceed $20,000. The lifetime grant assistance may not exceed $7,500.
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Grants may not be used to make changes to the dwelling for cosmetic or convenience purposes, unless directly related to removal of health and safety hazards.
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Loan and grant funds may not be used to construct a new dwelling, repair a home that will continue to be a major hazard, move a mobile home, make off-site improvements or to refinance existing debts.
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SECURITY AND TERMS OF LOANS AND GRANTS: |
- Loans of $7,500 or more will be secured by a deed of trust. Loans of less than $7,500 may be secured by a note-only.
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Grant Agreements must be signed by all co-owners. Grant Agreements must be repaid in full if property is sold within 3 years from the date of the grant agreement.
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Loan terms are not to exceed 20 years at 1% interest. Examples of
payments are:
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$1,000 loan at 1%
for 20 years - $5.00 monthly payment
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$5,000 loan at 1%
for 20 years - $23.00 monthly payment
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$15,000 loan at 1%
for 20 years - $69.00 monthly payment
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