The fall season and the impending cold weather bring with it an increased focus on repairs and modifications that we often overlook in the warmer weather. Sometimes the challenge of financing these repairs is a hardship or essentially impossible. For a limited time (until the funding runs out) Mansfield CT homeowners have an opportunity through the Mansfield Housing Rehabilitation Program to receive 0% interest loans to finance home repairs and energy efficiency improvements. There are no monthly payments. The town places a lien on your property and when you sell the property the funds are repaid at closing and then are used to assist another family with repairs and modifications. A great opportunity for someone who can qualify financially and reap the energy savings and increased property value in the future at 0% interest.
Even if you are not planning on staying in the home long term it could benefit you in an eventual sale to have repairs and/or energy efficiency issues addressed before you are forced to deal with them in a negotiation where they could impact the net proceeds on your home.
These are income guidelines as set by the U.S. department of Housing and Urban Development.
Household size Maximum income
Single Person $44,750
2 persons 51,150
3 persons 57,550
4 persons 63,900
5 persons 69,050
6 persons 74,150
7 persons 79,250
8 persons 84,350
Eligible repairs and modifications include, energy efficiency upgrades (electrical, heating & plumbing systems); structural repairs/improvements (foundations, sills, joists, columns, beams); Roof repair, replacement; windows, doors, private well/septic repair/replacement; public water/sewer line repairs/replacements; handicap accessibility; gutters and downspouts; insulation, mold remediation.
There is a $25,000 cap on repairs per single family home and once your application is approved a rehabilitation specialist will work with you to identify and prioritize what needs to be addressed with consideration of code compliance and urgently needed repairs.
The funds are available on a first come, first served basis and once they are gone, they are gone. I checked with Jessie Shea, Planning & Community Development Assistant today and she confirmed that there are still funds available.
Contact Jessie at 860-429-3330 or at sheajl@mansfieldct.org to obtain an application or to get more information. You can also get an application here.