Owner Occupant Housing Rehabilitation
City of Colorado Springs and El Paso County Residents
This program allows qualified homeowners located in the City of Colorado Springs and El Paso County to take out a 0% deferred payment loan to make necessary improvements to their home. The funds are primarily used to repair/replace substandard or failing housing conditions and make energy efficiency improvements. Improvements can include, repairing or replacing roof, windows, doors, hot water heater, furnace, flooring, plumbing, electrical and more.
- Monthly Payments are NOT required
- Interest does NOT accrue
- The loan does not need to be paid back until there is a transfer of title (e.g. home is sold)
The loan is immediately due and payable if the home is sold, ownership is transferred, the homeowner fails to occupy the property, or fails to pay property taxes or property insurance. Loans are secured by a Deed of Trust on the property.
- You must meet the income guidelines located on the Housing Rehabilitation Program Income Guidelines page
- The property must be your primary residence
- You must be the owner of record of the property to be rehabilitated
- The property cannot exceed $247,000 after rehabilitation
- The property cannot be located in the floodplain
Once you qualify, a Redevelopment Specialist will inspect your home to identify necessary improvements and develop a cost estimate. A contractor will be obtained through a competitive quote process and will make the improvements to your home. The city will disburse the funds to the contractor on your behalf.
Lead-based paint testing may be performed on homes built before 1978. Asbestos testing may also be required.
For more information call (719) 385-5912 or e-mail email@example.com.