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Southbury Seeking Grant for No-Interest Home Repair Loans

Grant would give low- and middle-income residents access to zero interest home repair loans.

Photo Credit: soundfromwayout via Flickr
Photo Credit: soundfromwayout via Flickr
Southbury is applying for a $400,000 state Community Development Block Grant (CDBG) to institute a zero-interest housing rehabilitation fund for local residents.

If awarded, the grant will establish a fund for low and moderate income homeowners to get loans for necessary home repairs.

To be eligible, single homeowners must have an annual income that does not exceed $44,750 or a maximum of $51,150 for a household of two. Refer to the 2014 HUD Income Limits for households of three persons or more.

Homeowners also must be current on their taxes and have a minimum of 15 percent equity in their home.

The loans are approved at 0 percent interest and paid down by the homeowner. Similar to a tax lien, the loans must be fully paid before the property can be deeded to another owner.

As the loans are repaid, the fund is replenished and new loans can be given out.

Approved repairs include replacing failed furnaces, roofs, windows and septic system repairs, as well as ADA renovations, such as entrance ramps and bathroom modifications.

Download an application here.

Contact Carol Hubert in the Office of the First Selectman at 203-262-0647 or Small Cities Consultant, Lisa Low & Associates, at 203-888-5624 with questions.

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