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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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