Income Guidelines

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.
(May 31,2011)

Table for Calculating Loan Terms Based on Household Income and Size
  Household Income - % of Median
Household
Size
100%
(Above 80%:
not eligible)
80%
(70%-80%:
25% deferred/
75% amortized)
70%
(60%-70%:
50% deferred/
50% amortized)
60%
(50%-60%:
75% deferred/
25% amortized)
50%
(Below 50%:
100% deferred )
1 $38,300 30,650 26,800 22,980 19,150
2 $43,800 35,000 30,650 26,280 21,900
3 $49,300 39,400 34,500 29,580 24,650
4 $54,700 43,750 38,300 32,820

27,350

5 $59,100 47,250 41,350

35,460

29,550
6 $63,500 50,750 44,450 38,100 31,750
7 $67,900 54,250 47,550 40,740 33,950
8 $72,300 57,750 50,600 43,380 36,150

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, 19, 31, 32, 33, 36, that portion of Census Tract 44 within the City limits, 55, and that portion of Census Tract 56 east of Kansas Expressway.

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.