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%.

  

2014 MAXIMUM GROSS INCOME GUIDELINES

 

 

Household

size

Deferred Loan & Forgivable Loan*     *= over age 62, and/or disabled Head of  household and below income level

 

0% Interest Loan

 

3% Interest Loan

 

5%  Loan

  (50% AMI )

(67% AMI )

(80% AMI )

(130% AMI )

1

26,850

35,979

42,950

69,810

2

30,700

41,138

49,100

79,820

3

34,550

46,297

55,250

89,820

4

38,350

51,389

61,350

99,710

5

41,450

55,543

66,300

107,770

6

44,500

59,630

71,200

115,700

7

47,600

63,784

76,100

123,760

8

50,650

67,871

81,000

131,690

 

based on 2014 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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