Apple Valley offers 0% loans for residential rehabilitation
Posted By Ron Littlefield on March 21, 2009
Apple Valley – Low and moderate income home owners in Apple Valley may qualify for loans to pay for basic home repair. Eligible Apple Valley residents can qualify for a 0% interest, deferred loan for up to $20,000. The 0% interest loans are deferred for 30 years, with no payments required during that time unless the property is sold or transferred.
Now in its eighth year, the Town of Apple Valley just announced that the equity requirement to qualify for the loan is temporarily suspended.
“We understand many people are upside down with their mortgages, yet are still in need of repairs they couldn’t otherwise afford,” said Ken Henderson, Assistant Town Manager for Economic and Community Development. “We want to put the money in the hands of our citizens when they most need it.”
Funding is through grants received from the federal government.
Known as the Residential Rehabilitation Loan Program (RRLP), the money can be used for repair work to single-family owner-occupied homes. Eligible improvements include addressing code violations, painting, roofing, plumbing, heating, cooling, damaged ceilings and walls, termite fumigation, and other health and safety items.
“The program can also be used for energy conservation items, such as weather-stripping, insulation, doors and windows,” explained Denise Bossard, Housing and Community Development Specialist for the Town of Apple Valley. “It can also provide funding to increase accessibility for the disabled.”
Serious applicants are encouraged to apply as soon as possible. To be eligible, the maximum annual income for a family of 4 is $53,300.
“RRLP contributes to our overall economic development efforts by addressing community revitalization needs,”explained Henderson. “Many homeowners and our seniors on fixed income are not in a position to pay for larger repairs for basic safety issues. It is the Town’s hope that the RRLP will provide many limited income Apple Valley homeowners an opportunity to improve their living conditions.” Henderson went on to say, “And you won’t find the typical government bureaucracy here. Apple Valley’s housing staff is extremely friendly and supportive of those applicants requiring a hands-on approach to successfully navigate the home loan process.”
Each eligible household is limited to one loan, and the borrower is required to execute a promissory note and deed of trust. The loan may be subordinate to an existing first or second deed of trust. The applicant must complete an application packet with evidence of income level, have good credit history and be current on house payments, property taxes and insurance.
Residents interested in applying for a loan can call (760)240-7000, extension 7913, or download a program brochure at www.applevalley.org under Community then Housing Programs.
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