The city of Hermiston and the Greater Eastern Oregon Development Corporation (GEODC) are seeking applications for their Housing Rehabilitation Revolving Loan Program.
The program, originally funded by a Community Development Block Grant, allows homeowners to take out zero percent interest loans to make essential home repairs. Homeowners also not required to make any repayments on the loan until they sell the home.
“This is a great opportunity for older workers, or seniors who are on a fixed income and want to remain in their homes, but can’t afford major repairs,” said Hermiston Mayor David Drotzmann.
Many types of repairs are eligible for the loan program, including those for health and safety concerns such as asbestos removal or structural repairs. Electrical, plumbing, and heating system repair or replacement are also eligible, as well as roofing repairs and weatherization like siding, windows, doors, and insulation. The program can also be used to install handicap accessibility items like wheelchair ramps.
The program is limited to low-moderate income households, but requires that the applicants actually own and occupy the home, as well as have enough equity in the home to secure the loan. The property also has to be located within Hermiston, cannot cost more than 50 percent of the county assessed Real Market Value, or be located in a flood zone. Manufactured homes must be newer than 1978 in order to qualify, and homeowners must maintain hazard insurance equal to the value of the property until the loan is repaid.
Those interested in learning more at no obligation may contact Judy Moore, with GEODC, at 541-612-7090, judy.moore.@geodc.net or visit the program’s website.
