Loans for rehabilitating single-family housing in the District's Community Development areas are again available, according to D.C. Housing and Community Development Director Robert L. Moore.
Under the revised program, government funds will be used in conjunction with funds from local lending institutions to create below-market interest rate loans. Borrowers will pay effective interest rates ranging from zero to 11 per cent for a period of 15 years. The sliding rate scale is based on the borrower's income.
For the current fiscal year, the city will provide to the program $5 million from the city's U.S. Department of Housing and Urban Development Community Development Block Grant. Private lenders and expected to provide an additional $6 million in loans. City officials predict about 150 loans will be available.
Loans of up to $35,000 will be made for a one-unit dwelling, with an additional $15,000 per unit for additional living units, up to a maximum of four units.
To qualify for the program, the borrower's income must be below certain income levels -- ranging from $22,670 for a single person to $40,480 for a family of eight or more -- and the borrower must own and occupy the property to be rehabilitated.
The property to be rehabilitated must be located in a Community Development area and the cost of bringing it up to D.C. housing code standards must not exceed the amount of the loans available.
For more information, call 535-1515.