The Senior Deferred Loan Program enables eligible low-and-moderate income senior citizens to make repairs and basic home improvements that maintain the quality of their housing and create a positive effect in the surrounding neighborhood. Loans are offered at below-market interest rates and are deferred until the home is sold or the title transfers. Loan amounts are based on the approved repair needs of the property for terms up to 15 years. Interest rate and term of the loan depend on yearly (gross) income. Loans are available for one to four-family owner occupied homes. A title search, credit check and appraisal are required, and will be provided by the Program.
Loans are made up to 97 percent of appraised value and are secured by a mortgage on the property. Priority is given to Department of Housing and Urban Development (HUD) housing quality standards and health and safety issues. The homeowner participates in setting priorities for repairs and in contractor selection. Loans can be used to make many types of repairs such as furnace replacement, electrical system upgrades, broken plumbing fixtures, drains and water lines, and roof tear off and replacement.
Income Eligibility Guidelines for Loan Programs
| Household Size |
Maximum Income |
| 1 |
$36,300
|
| 2 |
$41,500 |
| 3 |
$46,650 |
| 4 |
$51,850 |
| 5 |
$56,000 |
| 6 |
$60,150 |
| 7 |
$64,300 |
| 8 |
$68,450
|