County Offers Low-Cost Federal Rehab Loans To Income-Eligible Homeowners

SS/rehab.pr 97-41 Contact: Wenona Best, 301-217-3700

COUNTY OFFERS LOW-COST
FEDERAL REHAB LOANS TO
INCOME-ELIGIBLE HOMEOWNERS For Immediate Release: Feb. 18, 1997

Montgomery County's Department of Housing and Community Affairs is offering low-
cost Federal, State and County funded rehabilitation loans to income-eligible homeowners
living in Montgomery County. The purpose of these loans is to finance repairs or
improvements which are required for the health and safety of the owner and occupants, or
which are needed to preserve and extend the life of the property.
As part of this program, DHCA provides free technical assistance in identifying
eligible repairs, completing applications, selecting contractors and inspecting completed work.
The program is designed to serve low and moderate income households. In order to be
eligible, a household's income may not exceed established program limits.
An individual's income, for example, may not exceed $38,248 annually and the income
of a family of four may not exceed $54,640. The maximum income level that can be served
is $72,125 annually, for families of eight or more persons.
Repayment terms for each loan are based on the specific loan program and the income
level of the applicant's household. Interest rates are substantially below market level and can
be as low as 0 percent. In certain cases, repayment may be deferred. Funding is currently

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HOME REHAB LOANS AVAILABLE 2-2-2

available, but limited. Loan applications are accepted and processed on a first-come, first-
served basis, with the exception of cases dealing with problems of an emergency nature, such
as no water or no heat.
Typical eligible repairs include electrical and plumbing work; handicapped access
improvements; roofing, furnace and window replacement; and energy efficiency
improvements. The program can also assist with structural repairs, basement leaks, water
supply and septic problems, as well as correcting other conditions that directly affect the
habitability of a structure.
To obtain more information on applying for a low-cost home improvement loan, or to
inquire about eligibility, homeowners should contact the Home Improvement Program office
of the Montgomery County Department of Housing and Community Affairs, 51 Monroe
Street, Room 909, Rockville, MD 20850. Telephone inquiries can be made by calling 217-
3700 or 217-3679 for TDD callers.

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