NOTICE TO MANSFIELD TOWNSHIP HOMEOWNERS!
The Township of Mansfield Affordable Housing Program Is Accepting Applications from Homeowners for the Township Housing Rehabilitation Program for Home Repair Loans To Low -income and Moderate - income Homeowners.
TYPE OF LOANS & TERMS
Loans will be a ten-year interest-free, deferred payment loan secured by a mortgage payable upon transfer of title. After the Five-Year Anniversary of the Loan Signing, 20% of the mortgage loan principal will be forgiven for each of the remaining five years. If the title has not transferred after ten years the entire loan is considered forgiven.
The purpose of the program is to address code related items & weatherization needs. The types of repairs covered are roof, plumbing (including wells), heating, electrical, sanitary plumbing (including septic systems), load bearing structural systems, lead paint abatement, weatherization (building insulation for attic, exterior walls and crawl space, siding to improve energy efficiency, replacement storm windows and storm doors and replacement windows and doors). Items are addressed by priority starting with major systems.
Additions and interior decorating are not eligible.
To qualify for a Housing Rehabilitation Loan, the applicant must meet the following eligibility requirements:
· Must Be an Owner Occupant (Full-Time Resident)
· Real Estate Taxes, HOA Fees, And Municipal Utilities
Must Be Current
· Homeowner’s And Flood Insurance Must Be Valid (If Applicable)
· Gross Annual HOUSEHOLD Income Must Be Less Than 80% Of The Median Income Limits