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2/28/2018 - Interest Free Home Improvement Loan Program

First Selectman Jeff Manville has announced that time is running out for Southbury residents to sign up for the Southbury Housing Rehabilitation Program. The Town of Southbury was awarded a 2016 $400,000 Community Development Block Grant (CDBG) under the housing rehabilitation category for town-wide housing rehabilitation. Funds remain to serve approximately seven further households. The grant expires September 30.

The purpose of the grant is to provide funds for low and moderate-income homeowners to make needed repairs to their homes. To be eligible, an applicant must meet three requirements: (1) homeowners must have an annual income that does not exceed $50,350 for a single household or $71,900 for a household of four; (2) Have 10% equity in the home; and, (3) be up to date on municipal taxes.

One of the benefits of this grant is that the money goes out as 0% interest loans. It is not due and payable until the house changes title. For homeowners who cannot obtain funds through bank loans, this program is a wonderful option that requires no out of pocket costs. The grant also allows the Town to establish a revolving loan fund in perpetuity to provide assistance to additional residents who need home repairs.

Some possible uses that have been identified include replacing failed furnaces, roofs, windows, and septic system repairs. These funds can provide for ADA modifications to homes as well, such as entrance ramps and bathroom modifications.

Please visit the Housing Rehab Program page to access an application.

Anyone considering taking advantage of this program may contact Small Cities Consultants to the Town of Southbury, Lisa Low & Associates at 203-888-5624 at info@lisalowassociates. The grant expires September 30, so time is of the essence. Please share this information with any friends or neighbors who may be interested.