Salt Lake City, Utah – December 5, 2008 – (RealEstateRama) – Cash-strapped seniors can finally get help financing those overdue home repairs.
Utah’s decades-old Rural Single Family Rehabilitation & Reconstruction Program has gone statewide, and is now available in Utah, Summit and Wasatch counties. Previously, the program was limited to five regions of the state, or 26 counties.
“Help is now available to all income-eligible home owners, and it couldn’t come at a better time,” said Gordon D. Walker, Director of the state Division of Housing and Community Development. “Even the most basic repairs can seem like a luxury in today’s financial market. People are struggling and the credit crunch has made it difficult for some to obtain loans.”
The Rehabilitation & Reconstruction program is a lender of last resort, and works with home owners who have been turned down by the banks or who don’t qualify for reasonable rates.
Fixed-income seniors may apply to borrow any amount of money at low interest rates; loan amounts are limited only by the scope of the project and a household’s ability to repay the money. Some may qualify for deferred-payment loans, not payable until the home is sold or refinanced.
Eligible home improvements include the replacement of roofs, windows and doors, and the repair of electrical problems and water damage. Also eligible are wheelchair ramps, railings and other upgrades designed to make homes more accessible to people with disabilities.
“Some people are reluctant to apply because they think they earn too much to qualify, or they’ve been labeled a credit risk,” said Lisa Yoder, the program manager. “But we encourage all interested home owners to inquire. Those who don’t qualify for our program may be eligible for other programs.”
Investing now in much-needed repairs preserves a home’s value and can extend its life-span by 15 to 20 years, said Yoder.
To apply, or get more information, call 1-877-488-3233 or visit http://www.housing.utah.gov
