The objective of the town’s housing rehabilitation program is to assist protect present houses inside Vancouver
VANCOUVER — Is your own home in want of repairs that you simply simply can’t afford? If you’re an eligible low-income house owner residing throughout the Vancouver metropolis limits, the town of Vancouver may find a way that will help you out with a no-payment loan for fundamental dwelling repairs to issues like roofs, foundations, heating programs, electrical programs, plumbing and extra.
The objective of the town’s housing rehabilitation program is to assist protect present houses inside Vancouver. It’s a three p.c easy curiosity loan that doesn’t require month-to-month funds. The loan is paid again whenever you refinance your own home, when the title transfers to a different proprietor, or whenever you not reside within the dwelling.
The funding for the loans comes from america Division of Housing and City Growth (HUD) Group Growth Block Grant (CDBG) and HOME funds.
For repairs to a single-family dwelling, the town gives loans of roughly $25,000 for repairs and accessibility enhancements. To qualify, the proprietor’s revenue can not exceed 80 p.c of the Space Median Earnings (AMI). For a one-person family, that will be $49,250/yr. For a two-person family, that will be $56,250/yr.
To qualify, homeowners should additionally meet the next asset limits:
- No funding property
- Not more than $25,000 in liquid belongings (cash, saving accounts, cash market accounts, and so on.)
- Not more than $250,000 in non-liquid belongings (retirement accounts, 401Okay, annuities, and so on.)
- House fairness doesn’t exceed $200,000
Normal renovation initiatives, like updating your kitchen or rest room or constructing a brand new deck, don’t qualify. But when a water leak has warped the flooring in your kitchen, your present deck is unstable, or the outside of your own home has began to deteriorate, the town’s housing rehabilitation program will help you get these issues mounted.
Town accepts functions for housing rehabilitation loans all year long. To start the applying course of, contact Teresa Munn on the Lighthouse Useful resource Middle at (360) 690-4496 Ext. 101, or [email protected]
To study extra about this system, go to www.cityofvancouver.us/HousingRehab.
Info offered by metropolis of Vancouver.