Monday, June 20, 2011
Bloomfield's Residential Rehabilitation Program
Do you own a home in Bloomfield that needs repairs? Could you use help paying for it?
Bloomfield Township's Residential Rehabilitation Program may be able to assist you!
The Residential Rehabilitation Program is funded through the Community Development Block Grant Program. It provides Forgivable Loans to low and moderate income homeowners occupying 1, 2 or 3 family homes in Bloomfield and a handfull of other towns in the region.
What are the funding terms? The funds are provided as a ten year forgivable loan up to $15,000 for the homeowner's dwelling and up to $10,000 for rental units. There is NO monthly payments and NO interest. The loan comes in the form of a lien which is removed and forgiven after the ten year period. If the property is sold or ownership transferred within the 10 year period, then the lien must be paid off in the amount borrowed. Any rental units that are improved by the Program must be rented at affordable rents to low and moderate income families for the 10 year period.
We actually applied for assistance from the CGPH a few years ago and were able to make major repairs and electrical upgrades that we had been putting off for years.
Who is eligible? Owners in Bloomfield, whose property taxes are paid current and who meet the program income guidelines.