Loveland Housing Authority adds to home improvement loan fund – Loveland Reporter-Herald
The Loveland Housing Authority has raised $ 1.65 million from several sources to fund low-interest home improvement loans in Loveland and Larimer County.
The program offers loans at interest rates ranging from 0% to 2% to eligible homeowners who wish to repair or improve their home.
As stated by the Housing Authority in a press release, the sources of funding were as follows:
- The Colorado Housing Division transferred $ 207,909 from the previous program dollars to the loan program.
- Community Development Block Grant money will contribute $ 720,539, plus an additional $ 30,509 from other sources.
- The Larimer County Housing Authority has allocated $ 150,000 to the Larimer Home Improvement Program for use over two years.
- Larimer County, on behalf of the Home Renovation Program, applied for and received $ 333,000 in block grants. This money, through the Colorado Housing Division for new loans in Larimer County, will be used for homes outside the cities of Loveland and Fort Collins.
- Finally, the Loveland Housing Authority requested and obtained $ 207,000 from the HOME (Investment Partnerships Program) to help secure low-interest rehabilitation loans in all areas of Larimer County.
“This is a huge victory for the residents of northern Colorado to help repair and maintain owner-occupied housing for low to moderate income families in our community and encourage homeownership pride and self-sufficiency. Linda Wright, program manager at the Loveland Housing Authority, said in the press release. “This program is used to prevent homelessness caused by unsafe or unhealthy living conditions and allows residents to age in place.”
The loans can be used for maintenance, repairs and upgrades, including health and safety, accessibility for people with disabilities, and energy efficiency. The maximum loan amount is $ 24,999 for single family homes and $ 12,000 for mobile / manufactured homes.
The program is available to households throughout Larimer County.
Loan seekers must have a family income equal to or less than 80% of the region’s median income and use the money for repairs and maintenance that they could not otherwise afford.
Borrowers cannot have any outside judgments or liens on their properties and cannot be foreclosed. They must have home insurance and have paid their property taxes.
Applications are now being accepted and funding is available on a first come, first served basis. To apply, applicants can visit lovelandhousing.org.
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