News about the Rehab Loan Program

Published By: Editor
Published On: 17th June 2020
Categories: Latest News

The GVRHA may defer payments through December 31, 2020 for borrowers of the Rehab loan program if the homeowner declares economic hardship related to COVID-19.  Any loan interest will continue to accrue, but the monthly payments may be deferred during this period. This may result in a residual balance owed at the end of the loan term.  In these instances loans may be extended as needed when due. GVRHA requests that the homeowner provide documentation of hardship (to be reviewed by GVRHA) in order to qualify for the deferral. Examples of this include a letter from an employer documenting layoff, furlough or reduced hours, recent application for unemployment insurance claim, two months of bank statements showing lost income, or other documentation acceptable to the GVRHA. As the COVID-19 crisis continues, GVRHA will assess if further deferrals are necessary. Please contact Shannon Frias at to make such a request.