CAP Services has $36,000 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 James Barrett, CAP’s Assistant Housing Director, “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 $27,150 in Marquette, Waushara, and Waupaca counties. One sixtieth of the loan is forgiven each month. After five years, homeowners 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 715-343-7146. Applications will be accepted through the end of the year, but Barrett encourages people to get their applications in quickly.
The AHP funds were made available through a $120,000 Federal Home Loan Bank (FHLB) grant to Impact Seven. 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.