Interest Free Home Improvement Loan Program
March 6, 2014, North Stonington, CT –
First Selectman Nicholas Mullane, at the request of the North Stonington Affordable Housing Committee, has announced that the Town of North Stonington is applying for a $400,000 Community Development Block Grant (CDBG) under the housing rehabilitation category for town-wide housing rehabilitation. As part of the application, the Town of North Stonington is seeking interested parties to develop a waiting list of property owners interested in participating in the program.
The purpose of this grant is to provide funds for low and moderate income homeowners to make needed repairs to their homes. To be eligible, single homeowners must have an annual income that does not exceed $44,750 or a maximum of $51,150 for a household of two. For households of 3 persons or more, please refer to the 2014 HUD Income Limits.
One of the benefits of this grant is that since the money goes out as loans – at 0% interest which must eventually be repaid either by the homeowner or when the house changes title – the grant allows the town to establish a revolving loan fund in perpetuity to provide assistance to some residents who need home repair but do not have the funds to make the repairs and who cannot obtain the funds through bank loans.
Some possible uses that have been identified include replacing failed furnaces, roofs, windows, and septic system repairs. These funds can provide for ADA modifications to homes as well, such as entrance ramps and bathroom modifications.
To be eligible for this grant, the town must demonstrate that there is a demand and need for this program, that residents would welcome this assistance and would take advantage of the program to rehabilitate their homes.
Therefore, please visit the town’s website: www.northstoningtonct.gov, and fill out the Housing Rehabilitation Program Needs Assessment Survey. Copies of the survey are also available at the Wheeler Library or Town Hall.
Also, anyone considering taking advantage of this program may contact Juliet Leeming, Senior Planning and Zoning Official at 860-535-2877 x27. The deadline for submitting a letter of interest is March 31st, so time is of the essence. Please share this information with any friends or neighbors who may be interested.