The Office of Housing and Community Development is proud to announce the launch of the Home Improvement Loan Program (HILP).
This low-interest loan program is available to eligible low- and moderate-income homeowners to repair the dwelling unit they occupy as their primary residence.
Funds range from $2,500 to $50,000 at a 3% simple interest rate and may be used to repair, improve, or modernize homes, or remove health and safety hazards. Loan payments are deferred for 15 years, at which time full payment is due.
Eligible homeowners who are age 62 or older, or persons with a disability, may qualify for forgiveness of 50% of the loan principal balance at the end of the loan period.
The loan can be used to repair and correct deteriorated or hazardous conditions, including: