This program assists low to moderate-income homeowners living within the corporate limits of the City with financing home improvements that directly affect the safety, habitability, energy efficiency and accessibility of their homes.
The loans are a deferred loan with a two percent (2%) simple interest. The maximum loan amount is $24,999 with no loan payments. The loan is paid back when the borrower sells, transfers title, no longer lives in the property, or at the end of the 30 year loan term.
Most improvements to the livability, accessibility, or energy efficiency of a home are eligible. Electrical wiring, a new roof, and plumbing are just some of the possibilities.
Applicants eligible for this program must occupy the home to be rehabilitated. Applicants' assets must not exceed $25,000. The eligible Adjusted Gross Annual Household Income Limit for a Rehabilitation Loan is based on the size of the household. The household income limits are set by the U.S. Department of Housing & Urban Development (HUD) and are revised annually. Annual income cannot exceed the Low income limits set by HUD's Housing Choice Voucher Program. Income limits are determined by the number of persons in each household.
Each year the Rochester City Council allocates a portion of its Community Development Block Grant funds to this program. This program typically improves 10-12 homes per year. There is usually a waiting list for this program. Funds are usually allocated in the fall and are available the following spring. Typically the rehabilitation work begins in the summer.