What are my repayments?

The Home Repair Program offers 3 types of loans that can be used to rehabilitate your home.

Forgivable Loan

If your total household income is in the range of extremely low, as classified by the Department of Housing and Urban Development  (HUD), you may qualify for a forgivable loan. A forgivable loan is a form of a loan in which its entirety, or a portion of it, can be forgiven for a period of time when certain conditions are met. There will be a lien, signed by the homeowner(s), placed on your home for the amount used. The terms of the forgivable loan will be determined by the amount of the project. The lien will be released upon conditions being met.

No Interest (0%) Deferred Loan

If your total household income is in the range of low, as classified by HUD, you may qualify for a no-interest deferred loan. A no-interest deferred loan is a 0% interest rate with no monthly payments once the rehabilitation work is completed. There will be a lien, signed by the homeowner(s), placed on your home for the amount used. Payment in full is required if you transfer ownership, sell, refinance, pass away or otherwise cease to occupy the property as your primary residence. The lien will be released upon payment in full.

Low Interest (3%) Deferred Loan

If your total household income is low moderate, as classified by HUD, you may qualify for a low interest deferred loan. A low interest deferred loan has a 3% interest rate with no monthly payments once the rehabilitation work is completed. There will be a lien, signed by the homeowner(s) placed on your home for the amount used. Payment in full is required if you transfer ownership, sell, refinance, pass away or otherwise cease to occupy the property as your primary residence. The lien will be released upon payment in full.

Show All Answers

1. What is the Home Repair Program?
2. How does the program work?
3. Who can apply for funding?
4. What type of improvements are eligible for funding?
5. How much can I borrow?
6. What are my repayments?
7. What happens after a project is selected for funding?