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Housing Rehabilitation
The UAACOG Home Imrovement Loan 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. Community Development Block Grant (CDBG) funds are used to fund the loans.
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
- Energy Efficiency Upgrades
- Handicapped Accessibility
General Program Information:
- All residences, including manufactured homes, must be permanently attached to a proper foundation and be taxed as real estate.
- Manufactured homes on rented lots are eligible for up to $3,000.00 in repairs.
- Health and safety issues will be addressed first.
- Cosmetic repairs can be made after any code, health, and safety issues are corrected. Cosmetic repairs cannot be more than 20% of the total loan amount.
- Application requires documentation of income and expenses for the last 12 months.
- The Home Improvment Loan Program records a lien on the property being repaired.
- All judgments must be cleared up before time of application. Bankruptcies should be at least 2 years in the past. Credit will be checked.
- CDBG Funds may not be used for refinancing a current mortgage. The total of all the liens 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. The Rehab Loan Officer will verify eligibility. |
| 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 Loan 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: |
Loan documents are signed. |
| 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 6%
- Loan terms - 1 to 30 years
- Maximum loan amount - $24,999.00
- Loans are not assumable
2009 Income Guidelines
Chaffee, Custer, and Fremont Counties
| |
1 person |
2 people |
3 people |
4 people |
| Low |
$31,550 |
$36,100 |
$46,000 |
$45,100 |
| |
| |
5 people |
6 people |
7 people |
8 people |
| Low |
$48,700 |
$52,300 |
$55,900 |
$59,550 |
| |
| Lake County |
| |
| |
1 people |
2 people |
3 people |
4 people |
| Low |
$32,700 |
$37,350 |
$42,050 |
$46,700 |
| |
| |
5 people |
6 people |
7 people |
8 people |
| Low |
$50,450 |
$54,150 |
$57,900 |
$61,650 |
| |
| Teller County |
| |
| |
1 people |
2 people |
3 people |
4 people |
| Low |
$40,600 |
$46,400 |
$52,200 |
$58,000 |
| |
| |
5 people |
6 people |
7 people |
8 people |
| Low |
$62,650 |
$67,300 |
$71,900 |
$76,550 |
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