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HOUSING AUTHORITY RELEASES MORE INFO ON CDBG PROGRAM
Friday, February 4th, 2011 -- 12:06 pm
Posted by Riley Hebert-News Director
(Press Release) Clark County has been awarded a $608,000 Community Development Block Grant (CDBG) for a home rehabilitation, rental property rehabilitation and a homebuyer assistance loan program. Clark County Housing Authority (CCHA), located in Loyal City Hall, will administer the program. Funds will be combined with the established Clark County CDBG Revolving Loan Program and utilized in Clark County municipalities without their own CDBG program.
Home Rehabilitation and Homebuyer Assistance Loans are zero interest (0%) and do not require a monthly payment. A mortgage is issued against the property and it is paid back when the property is sold or rented.
Home improvements can include: roofs, siding, wiring, windows, doors, plumbing, insulation, foundation repair, furnaces, wells, septic systems, and handicapped accessibility. Work is to be done by established area contractors. If work will disturb a painted surface in a home built prior to 1978, the contractor must be trained as a Lead Renovator.
Homebuyer assistance loans are up to one half of the down payment plus closing costs not to exceed 10% of the purchase price and not to exceed a purchase price of $90,000.
Rental property loans are on a matching funds basis, zero interest and subject to repayment terms.
All CDBG loans are subject to household income guidelines as follows:
Household size Gross Income*
1 $32,850
2 $37,550
3 $42,250
4 $46,900
5 $50,700
6 $54,450
7 $58,200
8 $61,950
*adjusted annually
Loans are also subject to Department of Commerce-Division of Community and Housing Development guidelines. Interested persons should contact Clark County Housing Authority (CCHA) at (715)255-9396 for additional information. Equal Opportunity Housing Lender.
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