On January 12th, at the Holland Neighborhood General meeting, HNIA will be celebrating our 2012 Loan Programs with a party.
There are three programs, a forgivable loan for homeowners living on limited incomes, a low interest loan program for people improving their homes, and a loan fund for landlords who want to repair their small rental properties. Here is the plan.
If you are living under 50% of the median income, you can apply for the forgivable loan program. It will give homeowners up to $7500 for code compliance type repairs that will be forgiven over 7 years, if you remain in your home. This includes roofs, plumbing, electrical or other items to make your home safe and secure.
Low Interest Loan
If you need to add some fresh details to improve your home – like a new front door, improved insulation, a front porch or other permanent improvements, apply for the Low Interest loan. This 4% rate loan is for people under 100% of the median income for their family size. The minimum loan is $3000 and maximum loan is $10,000. Nearly all people in Holland Neighborhood will qualify for this loan program.
Loan Fund for Landlords
If you are a Landlord of a 1 to 4 unit property, under the 100% of median family income, you can apply for the low interest loan program for Landlords. It will give you up to $7500 for code compliance type repairs at 4% interest, with a 10 year maximum term. This includes roofs, plumbing, electrical or repairs or improvements to bring your property up to current code.
What you need to do
Submit free lottery application Holland residents and eligible landlords are encouraged to check to see if they have needs for their properties. Apply for the Lottery to receive a loan. The lottery process is free. Just send us your name, phone number, address and which loan you want to apply for. If you are a renter, inform your Landlord about the loans for landlords.
At the January, February and March Holland Neighborhood Meetings, residents can ask questions and sign up for the lottery drawing in April. This lottery will decide the order the Greater Metropolitan Housing Corporation, our Loan provider, sends out the loan applications and processes the loans until our funding is used up.
Funds Available per Income Level