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Friday Deadline to Show Interest in No Interest Home Repair Loans

Oxford residents have until Friday to submit letters of intent for a grant program that would provide 0 percent interest loans for needed home repairs.

Photo Credit: soundfromwayout via Flickr
Photo Credit: soundfromwayout via Flickr
Oxford residents have until Friday to show interest in a $400,000 state grant that would allow the town to create a revolving fund to issue zero-interest housing rehabilitation loans to residents in need.

If awarded, the grant will establish a fund for low and moderate income homeowners to get loans for necessary home repairs, however the town must first show a need.

Residents who might be interested in the program are asked to complete a letter of intent and submit it to the First Selectman's Office by Friday, March 28.

To be eligible, single homeowners must have an annual income of less than $44,750 and households of two cannot earn more than $51,150. Refer to the 2014 HUD Income Limits for households of three persons or more.

Homeowners also must be current on their taxes and have a minimum of 15 percent equity in their home.

The loans are approved at 0 percent interest and paid down by the homeowner. Similar to a tax lien, the loans must be fully paid before the property can be deeded to another owner.

As the loans are repaid, the fund is replenished and new loans can be given out.

Approved repairs include replacing failed furnaces, roofs, windows and septic system repairs, as well as ADA renovations, such as entrance ramps and bathroom modifications.

Download a Letter of Intent here.

Residents with questions or who are interested in taking advantage of this program should contact the First Selectman's Office at 203-888-2543 ext.3027 or the town's Small Cities Consultant, Lisa Low & Associates, at 203-888-5624.

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