Zero-Interest Loans Available To Some Detroit Homeowners For Rehab, Repair
DETROIT (CBS DETROIT) - A revitalization effort, with interest-free money behind it, is underway for homeowners in Detroit.
Detroit Mayor Mike Duggan kicked off the Detroit 0% Interest Home Repair Loan Program, which will provide $8 million in financing for eligible homeowners looking to patch roofs, replace windows, upgrade plumbing and address structural or safety issues.
David Fielder, pastor of Joshua Temple Church of God in Christ, knows first hand how beneficial the program is --- "we've already partnered with the city -- to buy the property," said Fielder.
Fielder has purchased a property next to the church and says the goal is to restore the property as well as the surrounding neighborhood.
"It's an excellent program for those that are in need to rehab and restore the properties at a no-interest rate loan for 10 years - I think it's a wonderful endeavor by the mayor," he said.
According to a website for the program, if a home
has health and safety hazards, those issues must be addressed first before other repairs can be made.
The following are examples of home repairs that will be eligible for program:
Correcting health and safety hazards (required);
Electrical repairs;
Furnace replacement;
Roof replacement;
Plumbing;
Door and window replacements;
Porches and structural support.
According to the website, loans will be available between $5,000 and $25,000 for Detroit homeowners who own and occupy single-family homes. Homeowners who own properties with two units, such as duplexes, can be eligible for up to $50,000 as long as they live in one of the units.
The program is only for Detroit homeowners who have owned and occupied a Detroit home for at least 6 months, and the minimum FICO credit score for this program is 560. [Get answers to more questions about the program HERE].
Applications will be posted online after midday Tuesday, March 24, when a kickoff event will be held at Joshua Temple Church of God in Christ. Also beginning Tuesday, applications will be available at a number of locations throughout the city, including Intake Centers and City of Detroit Recreation Centers. [See a full list of locations].
