Affordable Housing Income Guidelines 2018

Effective June 15, 2018

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 1/4 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
Size
Median
80%
Of Median
 70%
Of Median
60%
Of Median
50%
Of Median
30%
Of Median
1
$42,000 $33,600 $29,440 $25,200 $21,000 $12,600
2
$48,000 $38,400 $33,660 $28,800 $24,000 $14,000
3
$54,000 $43,200 $37,800 $32,400 $27,000 $16,200
4
$60,000 $48,000 $42,000 $36,000 $30,000 $18,000
5
$64,800 $51,850 $45,360 $38,880 $32,400 $19,450
6
$69,600 $55,700 $48,720 $41,760 $34,800 $20,900
7
$74,400 $59,550 $52,080 $44,640 $37,200 $22,350
8
$79,200 $63,400 $55,440 $47,520 $39,600 $23,800
9
$84,000 $67,200 $58,800 $50,440 $42,000 $22,500
10

$88,800 $71,050 $62,160 $53,280 $44,400 $26,550

Passbook Savings Rate (2018)  0.07%

Eligible Neighborhoods
Zero-interest deferred loans and 5% amortized loans are available to eligible homeowners in Census Tracts 1, 2, 5.01, 5.02, 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 & 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.