Owner Occupant Rehab
As an homeowner with low income living in Colorado Springs, you can apply for an affordable housing rehabilitation loan to make essential repairs to your home. Program funds are used to repair or replace substandard or failing housing conditions. Funds can also be used for rehab that improves energy consumption within your home. Here are some examples: repair or replace windows, doors, furnaces, water heaters, carpet or vinyl; paint; add insulation; upgrade electrical or plumbing systems; and many other important repairs.
You must own and occupy your home, and your home must be valued at less than $247,000 after the rehabilitation. Peyton, Calhan and other eastern El Paso County communities are served by the Pikes Peak Community Action Agency (347-2976).
If your household income meets the following income guidelines, you can apply for a deferred payment loan with no interest and no monthly payments.
2013 Income Guidelines
|
Family Size |
Maximum Income |
|
1 |
$39,100 |
|
2 |
$44,700 |
|
3 |
$50,300 |
|
4 |
$55,850 |
|
5 |
$60,350 |
|
6 |
$64,800 |
The loan is immediately due and payable if you sell your home, transfer ownership, fail to occupy the property, or fail to pay the property taxes or property insurance. Your credit history as well as your capacity and willingness to repay the loan will be considered along with other qualifications. City staff will help you complete a financial application, inspect the home, develop a work description, help find a qualified contractor who will perform the rehabilitation construction, and disburse the rehab funds on your behalf. Lead-based paint tests may be performed on homes built before 1978. Loans are secured by a Deed of Trust on the property. Sorry, no mobile homes.
For more information, or to receive a printed copy of the application call (719) 385-5912 or e-mail housingdevelopment@springsgov.com.
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