New Milford hopes to offer housing rehabilitation loans
New Milford is looking to reactivate the Housing Rehabilitation Loan Program, which will help homeowners correct health and safety violations, energy conservation and weatherization projects, as well as lead paint mitigation and code compliance measures.
General improvements such as carpentry, roofing, siding, doors, windows, heating, electrical, plumbing and insulation work may also be eligible if they are warranted improvements.
The program will be funded by the state Department of Housing if approved. If selected, qualified New Milford homeowners may receive a no interest deferred payment loan to complete the approved work. A deferred loan requires no monthly payments and no interest accrues. The homeowner would repay the town when the home is sold, remortgaged, the title is transferred, the primary residence changes or the owner dies, according to the release.
Non-owner occupants and investors can apply for a 1 percent interest amortized loan, providing their tenants meet the household income requirements. Proof of fair market rent and affordability requirements are required, according to the release.
Income, equity and property tax status are all factors for the loan eligibility. Maximum gross annual income limits can be found on the town’s website.
Potentially eligible homeowners and property investors are asked to complete a pre-application and submit it along with any questions to Tammy Reardon, the town’s grants and compliance specialist, at TReardon@newmilford.org or 10 Main Street, New Milford, CT 06776.
The pre-applications are available at www.newmilford.org and at the Senior Center, New Milford Public Library and the Department of Social Services. They are due by March 25.