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$8
Million
Dollar
Home
Repair
Loan
Program
with
Zero
Percent
Interest
Announced
City
joins
forces
with
LISC,
Bank of
America
to help
homeowners
By Karen
Hudson
Samuels/Tell
Us
Detroit
Imagine
qualifying
for a
home
repair
loan
with 0%
interest
and 10
years to
pay it
back.
That
picture
is now a
reality
for low
to
moderate
income
homeowners
under
the
Detroit
0%
Interest
Home
Repair
Loan
program
announced
Tuesday
March
24tth by
Mayor
Mike
Duggan,
joined
by
community
non-profit
partners.
Repair
loans of
between
$5,000
and
$25,000
will be
available
to
owners
of
single-family
dwellings
who meet
income
and
credit
eligibility
requirements.
To
qualify,
household
income
must be
$37,950
or less
for one
person
or
$54,150
or less
for a
family
of four.
In
addition,
individuals
must be
current
on their
mortgage,
have
homeowners
insurance
and a
minimum
FICO
credit
score of
560.
“We
worked
very
closely
with HUD
and
other
partners
to make
sure
these
loans
are
accessible
to as
many
Detroiters
as
possible”
said
Mayor
Duggan
who
added
that
“establishing
this
loan fun
will
generate
a wave
of home
improvement
work
arcs the
city
that
will
raise
property
values
and
strengthen
neighborhoods.
The
program
is
intended
for low
and
moderate-income
homeowners
like
those in
District
3 where
the 0%
interest
program
was
announced
in front
of
Joshua
Temple
on the
city’s
eastside.
However,
all
homeowners
are
eligible
regardless
s of
income
in the
targeted
areas
highlighted
in the
map
below.
To keep
housing
speculators
out the
picture,
Duggan
said
individuals
must own
and have
resided
in their
home for
at least
six
months.
Funding
for the
home
improvement
initiative
comes
from two
sources,
Bank of
America
which is
providing
$4
million
in
financing
and $4
million
from the
Community
Development
Block
Grants
of the
Department
of
Housing
and
Urban
Development.
Residents
can
visit
one of
14
Intake
Centers
to see
if they
qualify
for the
program,
a list
of
centers
can be
found on
at
http://www.detroithomeloans.org/
which
has
detailed
information.
Information
sessions
are
being
held on
the
following
dates:
Thursday
March
26th at
the
Northwest
Activities
Center
and
Saturday,
March
28th at
the Don
Bosco
Hall
The City
has
scheduled
five
information
sessions
to help
Detroit
homeowners
learn
more
about
the
application
process.
Homeowners
can pick
up
applications,
talk to
City
staff,
and set
application
review
appointments
with
Intake
Centers.
Tuesday,
March
24th
6:00pm
to
7:00pm
Samaritan
Center,
Ford
Wellness
Center
Gymnasium
5555
Conner –
Detroit,
MI 48214
Thursday,
March
26th
6:00pm
to
7:00pm
NW
Activity
Center
Ballroom
18100
Meyers –
Detroit,
MI 48221
Thursday,
March
26th
6:00pm
to
7:00pm
Patton
Park
Recreation
Center
2300
Woodmere
–
Detroit,
MI 48209
Saturday,
March
28th
11:00am
to
12:00pm
Don
Bosco
Hall
19321 W.
Chicago
–
Detroit,
MI 48228
Saturday,
March
28th
11:00am
to
12:00pm
Heilmann
Recreation
Center
19601
Crusade
–
Detroit,
MI 48205
Near E.
State
Fair and
Hayes
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