Habitat program gives low-income families’ homes new life

Posted by Neil Kalinski on Thursday, August 9th, 2012 at 11:36am.

Does it appear your home is on its last breath and you haven’t got the funds to save it?

 Perhaps Flatirons Habitat for Humanity can breathe life into it.

The organization’s Community Preservation and Restoration (CPR) Home Rehabilitation program provides means for home owners with low or moderate incomes to improve their homes to standards of safety and code compliance.

 Residents who live in their sole residences in the Boulder Valley School District or the city and county limits of Broomfield and qualify may borrow up to $20,000 for repairs and improvements to their homes, including:

 Electrical, heating, plumbing, roofing and structural repair;

 Items to promote energy efficiency and lower utility expenses;

 Other repairs or improvements to correct code violations and accessibility needs.

 Home owners who qualify earn 50 percent or below the area median income, are not in danger of losing their homes to foreclosure and are legal residents of the U.S. They also must have homeowner’s or construction insurance and their assets may not exceed $50,000.

The assistance comes in the form of a 10-year forgivable loan in which 10 percent of the loan amount is forgiven each year. If sold before the end of the 10-year period, the payment for the portion not forgiven is due upon sale, transfer of property or cash-out refinance. (For example, if the property is transferred at the end of year three, the borrower must repay 70 percent of the loan amount to the program.)

 For additional eligibility requirements, more information about the family selection process or to obtain an application, contact Jackie Wood, family selection coordinator, at (303) 447-3787, ext. 225, or e-mail jwood@FlatironsHabitat.org.

Neil Kalinski

RE/MAX of Boulder, Inc

303-415-2279

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