A great opportunity for homeowners

[St. Theresa]

Don't know if you're town/city/state offers anything like this. This is so perfect and I have only one problem: talking my ex-husband (the house's co-owner) into doing it.

It looks like I'll be qualifying for a forgivable loan of up to $30K for home repairs. Monthly payment? Zero. The loan is set up as a lien against your house.

HOWEVER, it doesn't accrue interest AND, every year, 1/15 of the loan is knocked off the principal which means that in 15 years, there is no more lien. "Debt" gone.

He's squirming because if we sell in 5 years when our youngest is 18, that's a potential $20K lien. What I can't get through his very thick head is that the work done will likely pay for itself in the sale price. It's also likely that daughter will go to college, which means I'm here with her for at least 7, if not 9 years AND, the terms are the same if he lives here or they live here. As long as it's kept in the family, the loan continues to dissolve away.

There are some major issues, but my most worrisome at the moment is the plumbing in the bathroom. Falling tile and many years of some pretty bad leaks makes it basically undoubtable that the tub needs to be ripped out, floorboards will need replacing, as will some sheet rock and a new tub put in. It's a structural issue as well as a mold issue and needs to be done before any mold takes over the house. I've seen this happen to people and it's been so bad, they had no choice but to leave!

My ex = pennywise & pound foolish.

[Kedi]

I see you are in MA
is your's offered through the state, federal or local?
anyone know where we can find out more info about this?
what would I ask my bank or city government?
do you have "forgiveable loans" for home imnprovment?

I'd be so in for this!!!!!!
both my bathrooms are in need of updating & repairs from termite damage

[Joan.of.the.Arch]

Something similar has been available in my city a few times in the past. But the offers were made block by block in areas that were clearly threatened to go downhill as a whole with many homes falling into disrepair due to low income. It has been several years now since I have heard of the offer. It was federal money through HUD with grants administered locally so that they'd go where locals think they are most needed. The loans I heard of were for up to $20,000.

[Kedi]

FYI - HUD does not offer direct grants or loans to individuals
they work through local governments & non-profit organizations
to make financial assistance & counseling available


HUD grants program
you need to be registered with Grants.gov (? free)
looks like they have info by state (link top right)
haven't had a chance to look into this further yet
HUD grants - HUD

also found this - might be of help to some
HUD Grants to Help Disabled Renters
HUD has announced the awarding of government grants totaling $39.9 million in 21 states to assist non-elderly individuals & families with disabilities in leasing affordable private housing.
HUD Grants to Help Disabled Renters