The city has made changes to programs that offer money to eligible residents to upgrade dwellings or
The city has made changes to programs that offer money to eligible residents to upgrade dwellings or buy a home.
Single family home rehabilitation program makes available deferred loans, up to $25,000 for five to 10 years. The loan is forgiven if participants meet all requirements of an agreement, which include bringing the house up to code. They must also live there for five years for loans from $1,000 to $14,999, or 10 years for loans from $15,000 to $25,000. If the owner sells or transfers the property within the loan period, he or she must reimburse the city the remaining share of the loan.Rental rehabilitation match program provides low-interest, deferred loans to rental property owners to match money being used to rehabilitate substandard units for poorer tenants. Applicants will not be considered if work is estimated to exceed $75,000. The loan here will be forgiven if requirements are met, namely if the unit is rented to an eligible person for a minimum of five years. Housing codes must also be met. The city must be reimbursed the full amount of the loan if the applicant sells or transfers the property during the loan period.Painting program offers grants to eligible owners of single family homes to help with paint and labor. The cost for remediation of lead based paint is included in the grant.Ownership program lends money to prospective homeowners for down payments. Participants must be income-eligible. Under the program, $7,500 is available for homes in low-income areas, and those in other areas can receive up to $5,000. Local financial institutions determine applicant eligibility. Housing codes must be met, and buyers must live in the house for at least five years for the loan to be forgiven.
Source: City of Warren