PROGRAM UNDERSTANDING AND ACCEPTANCE FORM
EMERGENCY ELDERLY/DISABLED REPAIR PROGRAM
What is it?
Provides a 0% interest loan of up to $15,000 to elderly and/or disabled homeowners. The loan is forgiven at the rate of 20% per year over 5 years. The homeowner’s household income may not exceed 80% of the area’s median family income, adjusted for family size. The loan can be used for improvements such as: roof replacement, electrical repairs, plumbing repairs, bathroom adaptation etc. The sources of loan funds are HOME.
What property qualifies?
The 1-4 four family properties being rehabilitated must be in New Haven, and must comply with all applicable Federal, State and local laws, and serve as the applicant’s primary residence. Investment properties are not eligible.
Who can qualify for a loan?
The buyer’s household income* must not exceed 80% of median family income for the New Haven/Meriden MSA, as adjusted for family size depending on funding source.
What restrictions come with loan allocation?
The owner must occupy the home for the full term of the loan as his/her primary residence.
Where can I get more information about the loan program?
City of New Haven, Livable City Initiative, 165 Church Street, 3rd Floor, New Haven, (203) 946-7090 or www.cityofnewhaven.org.
Terms and conditions of loans are subject to change without notice:
A. Requirements of the property:
1. Size: Property may have one, two, three, or four units.
2. Property must comply with Federal, State and Local laws, including, but not limited to, building, housing and health codes and, in particular, laws regarding the abatement of lead-based paint, and asbestos, and other hazardous materials.
3. Property must be in the City of New Haven.
B. Requirements of the borrower:
1. Occupancy: Property will serve as primary residence.
2. Taxes: must be current on real and personal property taxes. A delinquent tax payment plan is not acceptable, full payment of taxes owed is required.
3. Household income must not exceed 80% percent of median family income for the New Haven/Meriden MSA, and adjusted for family size. See most recent HUD adjusted income limits, attached.
4. Owner must be elderly and/or disabled as defined by HUD.
C. Restrictions on loan amount and terms of repayment:
1. Interest on the loan 0%. The loan is forgiven at the rate of 20% per year of ownership, vesting as of each anniversary of the loan’s execution date. The balance of the loan (original loan less amount forgiven) must be paid from the proceeds of any sale or refinancing that occurs within 5 years of the loan’s execution date.
2. The actual loan amount provided will be limited to the City of New Haven’s determination of what amount the applicant needs to repair the property.
For additional information, please contact City of New Haven, Livable City Initiative, (203) 946-7090
Contact Name: Deborah Golia
Contact Email: DGolia@newhavenct.net
Contact Phone: 203-946-8389
Document Download
Use this application to apply for the Emergency Elderly/Disabled Rehabilitation Program
