ZERO-INTEREST
LOANS FOR HOME REPAIRS
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February, 2008
The
City of Springfield has a housing rehabilitation loan program
for certain neighborhoods. In addition to 5%-interest loans,
other funds are available at zero interest to cover from
one-fourth to all of the rehabilitation costs for eligible
homeowners. Zero-interest loans do not have to be repaid
until ownership of the property is transferred, or until
the property ceases to be owner-occupied. Remaining loan
amounts are amortized up to 20 years at 5% interest. TABLE
FOR CALCULATING LOAN TERMS BASED ON
HOUSEHOLD INCOME
AND HOUSEHOLD SIZE HOUSEHOLD
SIZE | | 1-person | 2-person | 3-person | 4-person | 5-person | 6-person | 7-person | 8-person | HOUSEHOLD
INCOME | | Median
| $36,000 | $41,100 | $46,250 | $51,400 | $55,500 | $59,600 | $63,750 | $67,850 | Above
80% of median: Not eligible for program. | | 80%
of Median | 28,800 | 32,900 | 37,000 | 41,100 | 44,400 | 47,700 | 51,000 | 54,300 | | Between
70% and 80% of Median: 25% Deferred/ 75% Amortized | | 70%
of Median | 25,200 | 28,800 | 32,400 | 36,000 | 38,900 | 41,750 | 44,650 | 47,500 | | Between
60% and 70% of Median: 50% Deferred/ 50% Amortized | | 60%
of Median | 21,600 | 24,650 | 27,750 | 30,850 | 33,300 | 35,750 | 38,250 | 40,700 | | Between
50% and 60% of Median: 75% Deferred/ 25% Amortized | | 50%
of Median | 18,000 | 20,550 | 23,150 | 25,700 | 27,750 | 29,800 | 31,850 | 33,900 | | Below
50% of median: 100% Deferred/ 0% Amortized |
ELIGIBLE
NEIGHBORHOODS. Zero-interest
deferred loans and 5% amortized loans are available to eligible
homeowners in Census Tracts 1, 2, 5, 6, 7, 8, 17, 18.01,
18.02, 19, 20, 21, 31, 32.01, 32.02, 33, 35, 36 and part
of 44 (see map). NOTES
AND DEED OF TRUST. To ensure eventual repayment
of a loan, the property owner must sign a promissory note(s)
and provide the City with a deed of trust for the loan amount.
The balance is payable at the time ownership is transferred,
or when the property ceases to be owner-occupied. |
