Repair funds available to low-income homeowners through CAP Services

//Repair funds available to low-income homeowners through CAP Services

CAP Services has $184,000 of funds available through the Federal Home Loan Bank (FHLB) of Chicago’s Affordable Housing Program (AHP) to qualifying low-income home owners in Marquette, Waupaca and Waushara counties in need of home repairs.

Eligible repairs include exterior doors and windows, roofing, siding, flooring, drywall, interior doors and frames, electrical, plumbing, and environmental remediation such as grading around a foundation.

“Plumbing includes septic replacement,” said Kris Pethick, CAP’s Assistant Housing Director, “The state updated its regulations on septic systems a couple of years ago and a number of them have been condemned, so, among other repairs, this is a good chance for folks with older systems to look into replacement.”

To be eligible for the 0% interest 5-year forgivable loan, households must have income below 50% of the county median income (CMI). For example, a household of two would have to have an annual household income below $24,400 in Marquette and Waushara Counties, or $25,400 in Waupaca County. One sixtieth of the loan is forgiven each month. After five year, home owners owe nothing.

CAP also has funds available for housing repairs for households at or below 80% CMI as a 0 – 2.25% simple interest deferred loan due upon the sale of the home or 30 years from date of closing.

To apply, people should call Pethick at 715-343-7142. Applications will be accepted through the end of the year, but Pethick encourages people to get their applications in quickly.

The AHP funds were made available through a $240,000 Federal Home Loan Bank (FHLB) grant to American Bank in Fond du Lac. FHLB Chicago member banks partner with community developers and public agencies to apply for AHP funds on behalf of community projects, which the FHLB Chicago awards through a competitive process.

CAP Services is a private, nonprofit community action agency that has been helping low-income people in Marquette, Outagamie, Portage, Waupaca and Waushara counties attain economic and emotional self-sufficiency since 1966. CAP’s housing programs typically help 15 to 20 households each year buy their first home and another 50 to 75 households rehabilitate their homes.

2015-09-30T09:16:14+00:00 September 29th, 2015|