The money comes from a state Department of Community and Economic Development HOME grant, and gives the city $500,000 to work with.
City officials expect they'll be able to use that money for approximately 20 loans, ranging from a minimum of $3,000 to a maximum of $18,000. Eligible items include fixing code violations and improving energy efficiency.
The loan is a zero percent interest, deferred payment, but it comes with some requirements. The property in question needs to be a single-family, owner-occupied home, with the person at or below 80 percent of the median family income.
That income level is:
- $40,000 a year for a one-person household.
- $45,700 for a two-person household.
- $51,400 for a three-person household.
- $57,100 for a four-person household.
- $61,700 for a five-person household.
You can apply starting Tuesday at the Redevelopment Authority office on the fourth floor of City Hall.