Single Family Housing
Rehabilitation Program
Eligible
homeowners in need of repairs to upgrade and improve
their existing homes now have access to low-interest
rate financing. The program is designed to finance
essential repairs to improve health, safety, energy
conservation, and structural deficiencies. Eligible
borrowers must be of low- to moderate-income and own a
single family home outside the city limits of
Colorado
Springs. (If you
live within the city limits of Colorado
Springs, contact
Colorado Springs Urban Redevelopment at (719)385-6877
about the Housing Rehabilitation Program available in
the city limits.)
Eligible
Borrowers
Homeowners
of owner-occupied real property located in
unincorporated El
Paso
County, the
towns of Calhan, Green
Mountain
Falls,
Monument, Palmer
Lake, and
Ramah, and the cities of Fountain and Manitou Springs,
are eligible.
Family
income must be less than 80% of median income as defined
by HUD (see chart below). A capacity and willingness to
repay the loan is required.
The
Loans
- The
maximum loan amount is $20,000 and must be sufficient
to bring the home up to Property Rehabilitation
Standards.
- The term
of the loan will be determined on a case-by-case
basis.
- The
property must be occupied by the owner.
- All
loans are secured by a Promissory Note and by a Deed
of Trust on real property. Mobile Home owners must own
the land and the home must be on a permanent
foundation.
- Rehab
must be performed by an approved general contractor.
- Loans of
1%, 3%, and 5% will be available based on income and
household size as follows:
Income
Guidelines for 2005-2006
|
Family
Size |
If family income is less
than: |
|
1
|
$22,200 |
$28,860 |
$35,500
|
|
2
|
$25,350
|
$32,955
|
$40,600 |
|
3
|
$28,550
|
$37,115 |
$45,650 |
|
4
|
$31,700
|
$41,210 |
$50,700
|
|
5
|
$34,250
|
$44,525
|
$54,800
|
|
6
|
$36,750 |
$47,775 |
$58,850
|
|
Rate
|
1%
|
3%
|
5%
|
|
|
|
|
|
Process
Applications
will be accepted on behalf of El
Paso
County by Urban
Redevelopment on a first-come, first-served basis.
Please
call 385-6877 for more information and to request an
application.
The Urban
Redevelopment staff will inspect the property and
determine the work to be accomplished. Homes built
before 1978 will be tested for lead-based paint.
Assistance
will be provided in selecting and monitoring the
contractor who will make the repairs. Rehabilitation
funds will be disbursed by El
Paso
County.
Eligible
Areas
- Palmer
Lake
- Monument
- Ramah
- Calhan
- Green
Mountain
Falls
- Manitou
Springs
- Fountain
- All
Unincorporated El
Paso
County
Made
possible through cooperative efforts of:
- El
Paso
County
- Board of
County
Commissioners
- Office
of Economic Development
- El
Paso
County
Housing
Authority
- City of
Colorado
Springs
- City
Council
- Urban
Redevelopment
- Colorado
Division of Housing
- U.S.
Department of Housing and Urban Development
The Single
Family Housing Rehabilitation Program does not
discriminate against any person because of race, color,
religion, sex, disability, familial status, or national
origin.
Additional
Information
For more
details, call:
City of
Colorado
Springs
Urban
Redevelopment
704 East
Boulder Street
Colorado
Springs ,
CO
80903
Telephone: (719) 385-6877
TDD: (719)
385-5499 |
