The Essential Home Repairs Program

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                         

 Roofing  Structural  Gutters
 Plumbing  Heating  Electrical
 Water Heaters  Floor Coverings  Ceramic Tile
 Kitchen & Bath Fixtures  Kitchen & Bath Sinks  Doors & Storm Doors
 Windows  Painting  Air Infiltration
 Lead Hazard Controls  Drains/Distribution Lines  
    

  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 AWARDS ARE AVAILABLE?

The maximum amount of the following awards is $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. Available for elderly and disabled only.
  • DEFERRED LOAN: Reimbursement must be made upon sale or disposition of the house.
  • 0% INTEREST LOAN: The amount borrowed (principal) is all you repay within 10 years.
  • 3% INTEREST LOAN: The amount borrowed plus 3% annual interest must be repaid within 10 years.
  • PRIME RATE LOAN: The interest rate charged is the current prime rate or 5%.  

  2012 MAXIMUM GROSS INCOME GUIDELINES

Household

size

Deferred Loan & Grant*

*Grant= over age 62, and/or disabled

0% Interest Loan

3% Interest Loan

Prime Rate

 Loan

 (50% AMI)

(67%AMI)

(80%AMI)

(130% AMI)

1

27,800

37,252

44,450

72,280

2

31,750

42,545

50,800

82,550

3

35,700

47,838

57,150

92,820

4

39,650

53,131

63,450

103,090

5

42,850

57,419

68,550

111,410

6

46,000

61,640

73,650

119,600

7

49,200

65,928

78,700

127,920

8

52,350

70,149

83,800

136,110

based on 2012 area median income (AMI) for Denver area

http://www.huduser.org/portal/datasets/il/il11/index_il2011.html 

If you would like more information, please call:
Housing Rehabilitation Specialist
Telephone: 720-898-7498
Housing Services Specialist
Telephone: 720-898-7496
Monday through Friday 8:00 AM to 5:00 PM
 

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