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Housing Rehabilitation
The UAACOG Housing Rehabilitation Loan Program (The
CDBG Home Improvement Program) provides low interest housing loans for low-income families living in Fremont, Chaffee, Lake, Custer, or
Teller counties. The loans are provided to repair or replace existing
owner-occupied homes. The purpose of the loans is to correct any building code,
safety, or health affecting deficiencies. The loans come from funds provided by
State and Federal loan programs and from loans repaid by past recipients.
Types of housing problems we can help with:
- Leaking Roof
- Electrical System
- Plumbing System
- Leaking Water Lines
- Septic System
- Exterior/Interior Deterioration
- Crumbling Foundation
- Sagging Floors
- Overcrowding
- Cracking and Peeling Paint
- Heating System
- Drafty Windows
- Handicapped Accessibility
PowerPoint Presentation
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General Program Information:
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All residences, including mobile homes, must be permanently attached to a
proper foundation and be taxed as real estate.
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Structural and mechanical problems will be addressed first so
the home can be brought up to housing code standards.
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Cosmetic repairs can be made after any code, health, and safety problems are
corrected. Cosmetic repairs can be no more than 20% of the total loan amount.
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Application requires documentation of income and expenses for the last 12
months.
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The Housing Rehabilitation Loan Program records a lien on the property
being repaired and will not take a third lien position.
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All judgments must be cleared up before time of application. Bankruptcies
should be at least 2 years in the past. Credit will be checked.
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CDBG Funds may not be used for refinancing a current mortgage. The total of
all the loans cannot be more than 95% of the property's value.
How the program works:
Step One: A completed loan application and all required
documentation is submitted to the Rehab office by the client.
Step Two: A UAACOG rehab
specialist will inspect the home then prepare a work-write up listing items needing rehabilitation.
The write-up and
cost estimate will be submitted to the UAACOG rehab committee for approval or
denial.
Step Three: The UAACOG and/or
the client will obtain bids from approved contractors.
Step Four: The UAACOG staff and
the client will review the bids.
Step Five: The loan is
closed with a three-day right to cancel.
Step Six: The
contractors start work on the home.
Step Seven: When all contracted
work is completed, it is inspected and signed off by all parties.
Step Eight:
The client starts making loan
payments.
Program Loan Provisions
- Low interest rates - 1% to 8%
- Loan terms - 1 to 30 years
- Maximum loan amount - $24,999.00
- Loans are not assumable
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2009 Income Guidelines
Chaffee, Custer, and Fremont Counties
| |
1 person |
2 people |
3 people |
4 people |
| Very Low |
$11,850 |
$13,500 |
$15,200 |
$16,900 |
| Low |
$31,550 |
$36,100 |
$46,000 |
$45,100 |
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| |
5 people |
6 people |
7 people |
8 people |
| Very Low |
$18,250 |
$19,600 |
$20,950 |
$22,300 |
| Low |
$48,700 |
$52,300 |
$55,900 |
$59,550 |
Lake County
| |
1 person |
2 people |
3 people |
4 people |
| Very Low |
$12,250 |
$14,000 |
$15,750 |
$17,500 |
| Low |
$32,700 |
$37,350 |
$42,050 |
$46,700 |
| |
| |
5 people |
6 people |
7 people |
8 people |
| Very Low |
$18,900 |
$20,300 |
$21,700 |
$23,100 |
| Low |
$50,450 |
$54,150 |
$57,900 |
$61,650 |
Teller County
| |
1 person |
2 people |
3 people |
4 people |
| Very Low |
$15,250 |
$17,400 |
$19,600 |
$21,750 |
| Low |
$40,600 |
$46,400 |
$52,200 |
$58,000 |
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5 people |
6 people |
7 people |
8 people |
| Very Low |
$23,500 |
$25,250 |
$29,950 |
$28,700 |
| Low |
$62,650 |
$67,300 |
$71,900 |
$76,550 |
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For more information
Contact: Erlin Trekell or Kevin Schenk at (719) 275-4191 ext.111
or e-mail: homeimprovement@uaacog.com
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