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.
| 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 | $37,100 | 29,750 | 25,900 | 22,320 | 18,600 |
| 2 | $42,500 | 34,000 | 29,750 | 25,5050 | 21,250 |
| 3 | $47,800 | 38,250 | 33,400 | 28,680 | 23,900 |
| 4 | $53,100 | 42,500 | 37,100 | 31,860 | 26,550 |
| 5 | $57,500 | 45,900 | 40,250 | 34,380 | 28,650 |
| 6 | $61,100 | 49,300 | 42,750 | 36,960 | 30,800 |
| 7 | $66,000 | 52,700 | 46,200 | 39,480 | 32,900 |
| 8 | $70,100 | 56,100 | 49,000 | 42,060 | 35,050 |
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.
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.
