Loans are available to homeowners who earn up to 80 percent of the Area Median Income
VANCOUVER — The city of Vancouver is now accepting applications for housing rehabilitation loans of up to $25,000 to qualified low-income homeowners for basic home repairs.
“The goal of this program is to preserve the existing housing supply in Vancouver,” said Community Development Programs Manager Peggy Sheehan, “In 2018, the city was able to support 13 households with simple interest, no monthly payment loans.”
Loans are available to homeowners who earn up to 80 percent of the Area Median Income (AMI). In addition, a once per household emergency repair grant of approximately $5,000 may be provided to qualifying mobile home owners. For a two-person household, 80 percent of AMI is $52,100. For a four-person household, 80 percent of AMI is $65,100.
Applications are accepted year-round on a first-come, first-served basis and available to homes located within the city limits of Vancouver.
The loans are three percent simple interest loans that do not require monthly payments. The loan will be paid back when the home is refinanced, the title transfers to another owner or when the when the owner no longer lives in the home.
Funding for this program comes from the United States Department of Housing and Urban Development (HUD) and the Vancouver Affordable Housing Fund.
For more information on requirements and applications, visit: www.cityofvancouver.us/HousingRehab.