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 Fixtures
Kitchen & Bath Sinks
Doors & Storm Doors
Lead Hazard Controls
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
Deferred Loan & Forgivable Loan**= over age 62, and/or disabled Head of household and below income level