Single Family Owner Occupied Rehabilitation (SFOOR):
Have you been waiting to pursue a home-repair project? Do you own your home?
Home improvement loans are available now below market rates and with flexible terms to help with your homes health, safety, efficiency, and quality.
Call Murtaza Naqvi at (970) 641-7901 or email firstname.lastname@example.org to learn about qualification.
The HOME Investment Partnerships Program (HOME) provides formula grants to States and localities that communities use – often in partnership with local nonprofit groups – to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or home-ownership or providing direct rental assistance to low-income people. HOME is the largest Federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. The Colorado Department of Local Affairs, Division of Housing (DOH) and the State Housing Board authorize and direct the use of Revolving Loan Fund (RLF) programs to increase, improve, and sustain the affordable housing stock in the State of Colorado.
A major concern of Gunnison County homeowners is the keeping-up necessary but costly repairs. This is particularly true of older homes with weathered roofs, worn siding, out dated plumbing and heating systems, drafty windows, or outmoded electrical wiring.
The revolving loan fund program is now reestablished for the Gunnison Valley. Delta Housing Authority and Gunnison Valley Regional Housing Authority entered into an Intergovernmental Agreement at the beginning of this year to administer Single Family Owner Occupied Rehabilitation (SFOOR) program for 2015.
The goal of the Program is provide money for home repairs: To remove deficiencies or health and safety hazards, correct substandard conditions, correct violations of local housing codes, maintain housing stock and historical preservation, and improve energy efficiency. The program empowers residents of the community to design and implement strategies for our specific needs. The program strengthens public-private partnerships in the development of affordable housing; it also mobilizes community resources in support of affordable housing
There are five low-interest loans available.
- The loans are for
o Owner occupied housing types
o Primary Residence
o Supplies and or labor
o Loans do not apply to rental housing and manufactured homes on rental lots.
Minimum amount is $1,000. The maximum amount per loan available is $24,999 (the loan program can make exceptions). The loan program can grant these low interest loans up to $5,000 dollars in case of emergency repairs for manufactured homes on rented lots.
Eligibility is based on households making 80% below Area Median Income (AMI) based on Department of Housing and Urban Development (HUD) regulation.