The Loveland Housing Authority has gathered $1.65 million from multiple sources to fund low-interest home-improvement loans in Loveland and Larimer County.
The program provides loans at interest rates ranging from 0% to 2% for eligible homeowners who wish to repair or improve their homes.
As noted by the Housing Authority in a press release, sources of funding were as follows:
- The Colorado Division of Housing transferred $207,909 of previous program dollars to the loan program.
- Community Development Block Grant money will contribute $720,539, plus an additional amount of $30,509 coming from other sources.
- The Larimer County Housing Authority has awarded $150,000 to the Larimer Home Improvement Program for use over two years.
- Larimer County, on behalf of the home-improvement program, applied for and was awarded $333,000 in block grant money. This money, through the Colorado Division of Housing for new loans in Larimer County, will be used for homes outside the cities of Loveland and Fort Collins.
- Finally, the Loveland Housing Authority applied for and was awarded $207,000 from the HOME (Investment Partnerships Program) to assist in getting the low-interest rehabilitation loans out to all areas of Larimer County.
“This is a huge win for Northern Colorado residents to help repair and maintain owner-occupied housing for low to moderate income families in our community and encourage pride of homeownership and self-sufficiency,” Linda Wright, program manager with the Loveland Housing Authority, said in the press release. “This program serves to prevent homelessness caused by unsafe or unhealthy living conditions and allows residents to age in place.”
Loans can be used for maintenance, repairs and improvements including those for health and safety, handicap accessibility and energy efficiency. Maximum loan amounts are $24,999 for single-family homes and $12,000 for mobile/manufactured homes.
The program is available to households throughout Larimer County.
Loan applicants must have household incomes at or below 80% of the area median income and use the money for repairs and maintenance that they might not otherwise be able to afford.
Borrowers cannot have any judgments or outside liens on their properties and can’t be in foreclosure. They must have homeowner’s insurance and have paid their property taxes.
Applications are being accepted now, and funding is available on a first-come, first-served basis. To apply, applicants can visit lovelandhousing.org.
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