Critical Repair Project:
Would otherwise cost between $501 and $5,000, and
Includes repairs and/or additions that primarily improve accessibility, safety, and weatherization. These repairs are considered critical to enabling the homeowner to continue living in the home.
After repairs are complete, the homeowner makes monthly payments to the affiliate for 50% of the value of the repairs over 3-5 years at zero-percent interest.
For example, if the retail value of the project is $5,000, the homeowner will pay the affiliate $2,500 in monthly installments over a five-year period.
Homeowners may take advantage of additional pre-payment discounts.
For example: If the homeowner pays in full during year one of a five-year term, they receive an additional 30% discount, 20% if paid in full in year two, 10% in year three. Payment terms are agreed to in advance.
Critical Repair Program Eligibility:
Critical Repair partner families must demonstrate the need for adequate housing, ability to pay back the loan, and willingness to partner with us.
Need will be determined based on a combination of factors, including:
Physically inadequate or unsafe conditions
Inability to obtain a conventional loan to pay for the work
Circumstances preventing the homeowners from doing work themselves, such as disability, age, or illness
Referrals from other housing programs or agencies
Ability to pay:
Applicants should fall within 30-80% of area median income
There is no minimum credit score to qualify for Critical Repair projects, but an applicant's credit will be considered during the family selection process.
Each project will be reviewed by the family selection committee. The family selection committee will base its recommendations on a family's ability to repay a Critical Repair loan.
Willingness to partner:
All present, physically capable household members must take an active role in work.
Individuals physically unable to participate in Critical Repair projects may contribute in other ways that can be discussed during the intake process.