Greater Metropolitan Housing Corporation
(loan application available online)
This loan program will be administered by Greater Metropolitan Housing Corporation (GMHC). GMHC. Loans will be disbursed on a first-come, first served basis. This project is funded by a neighborhood program using city funds and no funds are paid in advance. Payment will be made after the work is completed, inspected, permits closed out and lien waivers collected.
Home Improvement Loans:
$5,000-$20,000 loan amounts
3% interest rate
No income limit
Approved Projects: most exterior and interior projects are eligible
$3,000-$8,000 loan amounts
0% interest rate; payments deferred for 5 years
Income Limit of 80% of the Area Median Income
Approved Projects: repair of imminent conditions that make a home uninhabitable
The program guidelines for both programs are explained below.
Program Overview: The neighborhoods of Armatage, Fulton, Kenny and Lynnhurst have entered into a cooperative relationship to develop and execute a Home Improvement Loan program that will be available to all homeowners within the boundaries of the aggregate neighborhoods. Neighborhood boundaries are provided at the end of these Guidelines.
Armatage Neighborhood Boundaries: Bounded on the North and South by 54th Street and Highway 62, on the East and West by Logan and Xerxes.
Eligible Properties: Properties must be owner-occupied. Properties may be single-family detached, duplex, triplex, or four-plex, as long as one unit is owner-occupied. Owners of townhomes, condominiums or cooperative units are also eligible to participate in this program for improvements to the portion of the property that they own individually. Assessments for improvements issued by a homeowners’ association to homeowners are not eligible. Nor are homeowner associations eligible under this program.
Interest Rate: 3%
Income Limit: There is no income limit to participate in this program.
Loan Amount: Minimum loan of $5,000; maximum loan of $20,000
Loan Term: Generally, one year per $1,000 borrowed.
Previous Participation: Households may apply for more than one Home Improvement Loan, however the total amount owing cannot exceed the maximum of $20,000.
Cross Participation: Households that have received a Home Improvement Loan are eligible to also receive an Emergency Loan dependent on loan qualification standards being met.
Eligible Improvements: Most exterior and interior improvements are eligible. This may include, but not be limited to: window replacement, roof replacement, garage reconstruction, concrete/hardscape work, water mitigation, radon mitigation, remodel bath, kitchen or basement, security lighting and systems, energy efficiency upgrades, solar panels and accessibility improvements.
Ineligible Improvements: Luxury/recreational upgrades (pool, sauna, spa, etc.), furniture, non-permanent appliances, funds for working capital, debt services, refinancing existing debt and work initiated prior to loan closing.
Loan-to-Value Ratio: 115%
Debt-to-Income Ratio: 55%
Loan Security: All loans will be secured with a mortgage in favor of the City.
Mortgage Payments and Taxes: Borrowers must be current on mortgage payments and have no unpaid taxes.
Sweat Equity: The homeowner is allowed to perform the necessary work on his/her own as long as approved by the GMHC Construction Manager and the appropriate permits are filed and inspections passed. Loan funds may be used for the purchase of materials only. Funds cannot be used to compensate the owner for labor or for the purchase/rental of tools.