From Mayor Finch:
The application deadline has been extended for a City program which will assist qualified homeowners with no-interest loans to make necessary emergency repairs to their single or multi-family dwellings. The Residential Rehabilitation Loan Program, recently launched by Mayor Bill Finch, and administered through the City’s Central Grants Office, will allow income-eligible property owners to borrow up to $10,000 for repairs to a single family home or $15,000 for a multi-family home.
The application deadline for qualified homeowners has been extended to Nov. 30.
“I encourage all homeowners who meet the requirements, to take advantage of the Residential Rehabilitation Loan Program,” said Mayor Finch. “During these tough economic times, the small boost that these loans can provide would be a great help to residents who have had to push home repair projects aside.”
The City has been granted $193,000 for this program, which could serve approximately 20 homeowners. Due to the limited funds, applications from elderly and disabled homeowners, and homes with severe code violations will be prioritized in the selection process.
This loan program is funded through the U.S. Department of Housing and Urban Development (HUD), and the Community Development Block Grant (CDBG) that is administered by the City of Bridgeport.
The minimum rehabilitation loan will be $5,000 at 0% interest, and forgivable at 20% a year over a five-year period. All loans will be secured by a mortgage lien and deed restriction placed on the property by the City of Bridgeport.
As a requirement of this program, applicants must meet the income eligibility guidelines, as established by HUD, which can be found online at www.huduser.org.
Property owners interested in participating in the program are required to submit an application form, occupant data sheet and proof of income, all of which can be found online here.
For more information regarding the program, contact the Rehab Program Manager at 203-394-6981. The application deadline is November 30, 2011.
Federal money available through Citizen’s Union and City Council vetting process last spring? To homes in eligible census tracks to property owners who have needs and unavailable funds it should be a boon. And one assumes with 0% interest and forgiveness over 5 years it is a most attractive offer?
So why is there a need to extend a deadline? Perhaps the word has not gotten out? Should we reasonably figure communication about programs with money for people in the City must take a back seat to communications (for example “green signage” about how much Bill Finch has done for the City) about the Mayor? Are we failing to find enough credible candidates for HUD-CDG money?
Perhaps an effort should have been made several months ago to encourage the Neighborhood REVITALIZATION Zone organizations in City localities to talk up access to these funds? Time will tell.
Maybe no one applied for the lack of ability to get the word out and maybe just the reputation of that department of being a “nightmare” to deal with has a lot to do with it too.