City of Colorado Springs / Economic Development / Housing Development / Programs and Services / Housing Rehabilitation / Owner Occupant Rehab
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. Your home must be valued at less than $247,000 after the rehabilitation and must be located within the city limits of Colorado Springs. If you live outside of the city limits, please refer to the El Paso County Single Family Housing Rehabilitation Program for information.
If your household income meets the following income guidelines, you can apply for a deferred payment loan with no interest and no monthly payment for up to ten years.
|
Family Size |
Income less than |
|
1 |
$34,720 |
|
2 |
$39,620 |
|
3 |
$44,590 |
|
4 |
$49,560 |
|
5 |
$53,550 |
|
6 |
$57,470 |
If your household income meets the following income guidelines, you can apply for a loan at 3% interest with affordable monthly payments. For example, the monthly payment for a $10,000 loan at 3% for 20 years is $55.46.
|
Family Size |
Income less than |
|
1 |
$39,650 |
|
2 |
$45,300 |
|
3 |
$51,000 |
|
4 |
$56,650 |
|
5 |
$61,200 |
|
6 |
$65,700 |
For either program, your 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. We will consider your credit history as well as your capacity and willingness to repay the loan. Other qualifications will be considered. 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 loan application or loan guide, call (719) 385-5912 or e-mail housingdevelopment@springsgov.com.
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