Breaking News Bar
posted: 11/8/2013 6:26 PM

More money available for Arlington Hts. home loans

hello
Success - Article sent! close
 
 

Arlington Heights has more than double the amount of money it had last year to make available to help struggling homeowners make necessary repairs on their homes, officials said.

The Single Family Rehabilitation Loan program had about $114,000 budgeted to loan to homeowners, up from an all-time low of $46,000 last year, said Nora Boyer, housing planner for the village. Of that, $75,000 is still available and the village is encouraging residents to apply, Boyer said.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The program is funded through federal community development block grants and repayments of former loans, which come back to the village when a house is sold.

Boyer credited a slight turnaround in the economy for the additional funds.

"The past few years we had very few loan repayments because not a lot of homes were selling," Boyer said. "But in the last two years we have had a lot of repayments so our fund levels are much higher."

Applicants can use the loans for electrical, mechanical and plumbing issues, replacing old furnaces and water heaters, roof repairs and accessibility improvements. Decorative remodeling and room additions are not eligible.

The loans are 0 percent interest and there are no monthly payments. Eligible low-income homeowners may qualify for loans for 100 percent of the cost of construction and the maximum loan amount is $25,000, according to the village website.

"The program helps homeowners maintain a home that is safe and comfortable for them to live in," Boyer said. "We have a lot of people who are longtime residents who have contributed to the community, but are struggling to stay in their homes."

The program is also available to senior citizens with fixed incomes to allow them to age in place, she said.

Projects in excess of $10,000 are reviewed by the village's housing commission, while smaller projects are approved administratively.

"It's just something the village can do to tide them over in a difficult time or until they sell the house," Boyer said.

Read more at www.vah.com/departments/planning_and_community_development/. Click on "Housing & Development Block Grant and then "housing programs."

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here