The Community Development Block Grant (CDBG) program and the Home Investment Partnership Program (HOME) offer 0%-interest loans for home repairs. These programs do not require a credit check and the repayment schedule is based on the income of the household. In most cases the loans are 50% forgiven after 5 years. Because the funds are federal, the program is required to bring the entire house up to HUD standards for health and safety. When emergency funding is available, if there is one major issue to the house and all other systems, etc. are working properly, the committee can decide to make one “emergency” repair to the home and leave everything else as is.
Eligible repairs include but are not limited to:
You may be eligible for the program if you satisfy the following criteria:
Funding for emergency repairs has been made available through Cherryland Electric using their Cherryland Cares Grant. Preference for these funds will be given to veterans and their families but anyone who meets the following criteria may be eligible:
The PIP/PIP-Plus programs are loan programs through the Michigan State Housing Development Authority (the region’s PIP agent is Leslie Casselman in NMCAA’s Traverse City office).
Household income maximum guideline is $105,700, regardless of family size.
The interest rate is determined by the household income, and ranges from 4-8%. The loan can be amortized over 20 years and the minimum credit score is 620. This program allows the homeowner to hire his or her own contractor to complete the work, whereas with the CDBG and HOME programs, NMCAA staff writes a specification and assists with soliciting multiple bids.
The maximum loan amount is $50,000.00 but is dependent on equity. For a manufactured or mobile home in a “park” the maximum amount is $7,500.00.
For details on applying for any of these programs call (800) 632-7334 or e-mail Kelsey Hyde at firstname.lastname@example.org. This institution is an equal opportunity employer, provider and lender. *The hearing impaired should contact us through the Michigan Relay Center at (800) 649-3777.