Housing Rehab Program accepting applications for low-interest loans, up to 50 percent forgivable

The City of Iowa City's Community Development Division has announced a continuation of a housing rehabilitation program, the "Targeted Neighborhood Improvement Program," that assists low- to moderate-income homeowners with low-interest loans for maintenance or repair projects on their homes. One of the unique features of the new program is that half of the amount of the loan will be forgiven if the homeowner is still occupying the residence in five years.

The program is targeted to owner-occupied homes in specific areas of Iowa City: College Green/Northside, Miller-Orchard, Towncrest, Wetherby/Grant Wood and Twain (new area). Funds between $500 and $24,999 will be available for projects that include but are not limited to roofing, siding, painting, electrical, plumbing, HVAC and window repair or replacement. Federal HOME funds that are awarded to the City each year will be used to provide the financial assistance. 

The program is intended to assist homeowners who struggle with upkeep and maintenance costs. The loans will help provide the funds necessary to weatherize, repair and maintain homes, which will in turn decrease monthly utility costs, enabling cost-burdened owners to remain in their homes. Keeping homes in good condition will also help preserve the City's housing stock.

Program funds are limited and are available on a first-come, first-served basis. To be considered, homeowners must submit an application and meet income guidelines (for a family of four, the maximum income allowed is $61,050), but are advised to first contact a Housing Rehabilitation staff member to discuss program options: Jeff Vanatter at 319-356-5128 or jeff-vanatter@iowa-city.org; or Liz Osborne at 319-356-5246 or liz-osborne@iowa-city.org.

For more information, visit www.icgov.org/housingrehab and click on "CDBG & HOME Housing Rehabilitation Programs" for more information about the program, including maps of the five target areas, income guidelines and an application form.