No interest loans available for Schaumburg home repairs

The village of Schaumburg’s residential rehabilitation loan program is available for residents finding it difficult to fund needed home repairs.

Qualified homeowners may be eligible for a no interest, deferred-payment loan up to $25,000. No monthly payments are required and the loan is due in 30 years or upon change of title or sale of the home, whichever occurs soonest.

The loans are funded by the Community Development Block Grant funds allocated by the U.S. Department of Housing and Urban Development. To qualify, Schaumburg residents must have 15 percent clear equity in their home; have assets that don’t exceed $90,000 for a multifamily homeowner or $150,000 for a single-family homeowner, be current on property taxes and mortgage and a total household income that doesn’t exceed particular levels per number of residents.

For more information, contact the North West Housing Partnership at (847) 969-0561.