If you have a home that is in need of some repairs, Mayor Craig A. Moe is passing along some information from the Prince George’s County Housing and Community Development (DHCD) that may may be helpful to you!
The DHCD is partnering with the Housing Initiative Partnership and the Redevelopment Authority of Prince George’s County to provide home improvement loans up to $60,000 to eligible homeowners who need to make repairs on their homes.
Following are the requirements to be an eligible applicant:
- Must own and occupy a home in Prince George’s County.
- Must be current on mortgage payments, property taxes and property insurance.
- Cannot have an “underwater” mortgage.
- Total household income may not exceed the program limits; see website for income limits: http://hiphomes.org/wp/wp-content/uploads/2010/10/Flyer_HRAP-2018.pdf
Eligible Repairs are as follows:
- Health Hazards: Lead, mold and asbestos abatement.
- Safety and Code Compliance repairs: Roof, electrical systems, plumbing, flooring.
- Energy Efficiency: Windows, insulation, air sealing, siding.
- ADA related improvements: Ramps, grab bars, railings.
The low rate loan terms are 0% interest with no monthly payments; Maximum loan lmount is set at $60,000; Loans must be repaid in full when the house is sold or transferred; and the maximum loan-to-value ratio is 110%.
If these qualifications are applicable to you as a homeowner, then call the Housing Initiative Partnership, Inc. (HIP) at 301-699-3835 to request an application today!