The City of Austin is making it easier for homeowners to access funding for needed home repairs and updates through the Austin Home Rehabilitation Loan Program. This program allows qualified homeowners to finance up to $25,000 in home improvements with low-interest, deferred-payment loans. The program is designed to help homeowners in need of improvements to keep their homes safe and livable.
Eligible homeowners can use the loan to finance a wide variety of improvements, from major repairs like roof and foundation work to minor upgrades like energy-efficient windows and appliances. The loan can also be used to make accessibility modifications for people with disabilities. Funds can even be used to buy and install solar panel systems.
In order to qualify for the loan, homeowners must meet certain criteria. Applicants must own and occupy the home for at least one year prior to application and must have a property value that is equal to or less than the median home value in Austin, as determined by the U.S. Census Bureau. The home must also be in need of repair and/or upgrades in order to meet the City of Austin’s minimum standards for safety and livability.
The loan program is administered by the Austin Community Development Department. Applications are accepted on an ongoing basis and can be submitted online or in-person at the Austin City Hall. The department also provides free home inspections to all applicants to help determine the scope of the repairs and upgrades needed.
Once approved, qualified homeowners may receive up to $25,000 in funds to make needed improvements to their homes. The loan terms are flexible, with interest rates as low as 3% and repayment periods of up to 25 years.
The Austin Home Rehabilitation Loan Program is a great way for eligible homeowners to finance the repairs and upgrades needed to keep their homes safe and livable. With flexible terms and low-interest rates, this loan can help make home repairs and updates more affordable for qualified applicants.