Detroit Launching Zero-Interest Loan Program To Help Repair Homes, Improve Neighborhoods

DETROIT (CBSDetroit) - For those who live in Detroit and need a hand fixing up the house — help is coming.

Detroit Mayor Mike Duggan's office announced Monday the city is launching a zero-interest loan program to help repair homes and boost the city's neighborhoods.

"The small number of private loans available to Detroit homeowners has limited neighborhood investment," Duggan's office said, in a statement. "Access to an $8 million loan pool for home repair loans allows homeowners to improve their homes and neighborhoods."

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].