This program is designed to assist Arvada homeowners in making needed repairs and energy saving improvements to their homes. It provides forgivable and deferred loans, as well as technical assistance and contractor supervision to assure the work is performed to specified standards.
WHAT KIND OF HOME REPAIRS QUALIFY FOR THE PROGRAM? Work which may be eligible under this program includes, but is not limited to:
Kitchen & Bath Repairs
Sewer Line Replacement
Doors & Storm Doors
Lead Hazard Controls
Insulation: walls & attic
WHO IS ELIGIBLE TO PARTICIPATE IN THE PROGRAM? Your eligibility will be determined primarily on the basis of the following factors: Your home must be a single-family residential structure.
You must own or be buying your home.
You must live in your home as the primary residence.
Your annual family income cannot exceed a specific income (Listed below).
You must meet bank requirements regarding credit worthiness and financial condition for the 0%, 3%, and Prime Rate Loans.
WHAT TYPES OF FINANCIAL ASSISTANCE ARE AVAILABLE?
The maximum amount of assistance provided is up to $30,000.
FORGIVABLE LOAN: No repayment is required if you reside in your home for 10 years from the time the forgivable loan is signed-forgiven at 10% per year. Available for income qualified elderly and disabled only.
DEFERRED LOAN: Repayment must be made upon sale or disposition of the house or when unit becomes a rental property.
0% INTEREST BANK LOAN: The amount borrowed (principal) is all you repay within 10 years-funded by lending partner.
3% INTEREST BANK LOAN: The amount borrowed plus 3% annual interest must be repaid within 10 years-funded by lending partner.
PRIME RATE LOAN: The interest rate charged is the current prime rate or 5%-funded by lending partner.
2015 MAXIMUM GROSS INCOME GUIDELINES
Deferred Loan & Forgivable Loan**= over age 62, and/or disabled Head of household and below income level
0% Interest Loan
3% Interest Loan
Prime rate loan
(50% AMI )
(67% AMI )
(80% AMI )
(130% AMI )
Based on 2015 area median income (AMI) for Denver area