City of Platteville Offering Money to Public for Home Repairs, Down Payments

Posted Wednesday, May 9, 2012 --- 10:00 a.m.

From the City of Platteville:

PLATTEVILLE, WI (May 9, 2012)-The Platteville Housing Program currently has $180,000 in grant money available to lend eligible residents for home repairs or purchases. So far this year, very few residents have taken advantage of the 0 percent interest loans.

The money is part of the Community Development Block Grant program (CDBG) and it provides grants to benefit low-and-moderate-income (LMI) households in communities with less than 50,000 people. Qualified borrowers in Platteville have three options when using these loans: home rehabilitation and repairs, improvements and repairs on rental or investor owned properties, or assistance on a down payment.

The Home Purchase Assistance Loans are no-interest, deferred payment until the home is no longer the borrower’s primary residence. A potential borrower wanting to make necessary improvements or repairs to their house has to currently own and live in that home. A potential borrower can qualify for the Home Purchase Loan to get help with a down payment or the closing cost, but the buyer must contribute at least $1,000 toward the purchase of the house. They must also secure an affordable home mortgage from a reputable lender. The purchased house has to be vacant or owner-occupied when the offer to buy is signed.

The Rental Rehabilitation Loans are no-interest, installment payment loans. The owner must agree to comply with HUD rental standards and rent to eligible tenants.

Eligibility for Rehabilitation or Home Loan Assistance is based on a total household income, residency, property equity, affordability, and scope of the project.

Grant County Program Income Guidelines:
Household Size/Maximum Household Income
1 $33,550
2 $38,350
3 $43,150
4 $47,900

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