New Richmond offers housing rehabilitation grants
The City of New Richmond has Community Development Block Grant funds available to assist low- to moderate-income persons with housing rehabilitation.
These funds are distributed as interest-free deferred loans and there are no payments required. Repayment of these loans is due when the property is sold or no longer the homeowner's primary residence.
The Community Development Block Grant funds can be used for housing rehabilitation, including but not limited to: re-siding, fixing or replacing a roof, replacing inefficient windows and doors, correcting plumbing and electrical issues. Funds can also be used to correct any lead hazards in the house. In some cases, funds may be used to make homes or apartments more accessible for disabled individuals.
Are you looking for help with downpayment assistance? Income eligible persons may apply for a loan to help pay eligible closing costs and provide up to 50 percent of the required down payment. Assistance is not to exceed 10 percent of the purchase price of the home.
Landlords who rent to LMI tenants can also receive assistance through the city's CDBG housing program. The CDBG funds will be offered to Landlords as a 0 percent interest installment loan. Monthly payments are made to the City of New Richmond housing program and the repaid funds will be used to finance other housing rehabilitation projects within the city.
Eligibility requirements state that all occupants of housing units to be rehabilitated under this program must have: incomes at 80 percent or below the county median Income limits as defined by the Department of Housing and Urban Development for St. Croix County.
The City of New Richmond wants to help those in unsafe or unhealthy conditions first; therefore, loans will be prioritized by need.
The City of New Richmond will provide housing rehabilitation applications to eligible persons and will accept the completed applications until July 11, 2013. To receive an application or for more information, contact Beth Thompson at 715-246-4268 or Bob Barbian at 715-243-0407 or in person at the City of New Richmond's Office at 156 E. First St. New Richmond.