The Loveland Housing Authority has successfully negotiated with the Colorado Division of Housing to move forward its Larimer Home Improvement low-interest loan Program by transferring previous program funding.
The home improvement program is administered by the Loveland Housing Authority (LHA) and provides interest rate loans of zero to two percent to income-qualified households that are wanting to repair or improve their homes. The total amount of HOME (Investment Partnerships Program) funds that are being transferred is $207,909.
The Community Development Block Grant (CDBG) is transferring $720,359 with an additional $30,509 coming from other sources, totaling roughly $960,000 to the program. Additionally, the Larimer County Housing Authority awarded $150,000 to the Larimer Home Improvement Program (LHIP) for use over two years with approval from the Larimer County Board of Commissioners.
Larimer County applied for and was awarded CDBG grant funds in the amount of $333,000 on behalf of LHIP through the Colorado Division of Housing for project delivery of new loans in Larimer County for homes located outside the cities of Loveland and Fort Collins as well as unincorporated areas of Larimer County. Furthermore, the Loveland Housing Authority applied for and was awarded a total of $207,000 from HOME to aid in obtaining low-interest rehab loans to all areas of the Larimer County community where the need is the greatest.
“This is a huge win for northern Colorado residents to help repair and maintain owner-occupied housing for low to moderate-income families in our community and encourage pride of homeownership and self-sufficiency,” said Linda Wright, Program Manager, with the Loveland Housing Authority. “This program serves to prevent homelessness caused by unsafe or unhealthy living conditions, and allows residents to age in place,” Linda said.
LHIP is focused on aiding with maintenance, repairs and improvements to homes from health and safety to handicap accessibility and energy efficiency-related issues. The maximum loan amounts for single-family homes is $24,999 and $12,000 for mobile/manufactured homes.
LHA is utilizing a large pool of funds to assist low and moderate-income homeowners with a household income at or below 80% of the median income for the area for home repairs and maintenance that they might not be able to afford. Borrowers must have homeowner’s insurance and property taxes paid in order to qualify for the funds on a first-come-first-serve basis with applications being accepted now.