Thursday, July 27, 2017

Home Rehabilitation Loan Program

Home Rehabilitation Loan Program

Your home is probably your largest investment for your family. Maintaining your home not only provides for the health and safety of your family, a well maintained home is also likely to increase in value. A home can deteriorate if it is not maintained properly. Many families with lower incomes and elderly persons can not afford to maintain their properties as they would like to.

The Housing Rehabilitation Loan Program is available in Weld County to provide repairs for health and safety problems for eligible home owners in Weld County. The interest rate varies depending on income level from zero per cent to three percent.

The loan term is based on what you can afford to pay each month.

Eligibility Items

  • You must be the recorded owner of the property.
  • You must have lived in your home for one year or have at least 10 per cent equity in the property.
  • The program permits assets up to $ 10,000 for elderly and $ 5,000 for non-elderly applicants.
  • Applicants must meet income limits.

Income Limits

1 person

2 person

3 person

4 person

5 person

6 person

7 person

8 person

$37,350

$42,700

$48,050

  $53,350

$57,650

 $61,900

$66,200

$70,450

Types of Repairs

  • Leaking Roofs
  • Electrical Systems
  • Heating Systems
  • Septic Systems
  • Plumbing
  • Structural Problems
  • Overcrowding
  • Painting
  • Foundation

These are only some of the repairs which can be done through the program.

How the Program Works

Once you are determined eligible for the Housing Rehabilitation Loan Program, an inspection of your home will be conducted and we will discuss the repairs, which are necessary, with you. Work will be contracted out to qualified contractors. All work will be monitored by the Weld County Housing Authority.