New Milford Looks to Offer Housing Rehab Loans

NEW MILFORD, CT —The town is preparing an application to the state Department of Housing to reactivate the Housing Rehabilitation Loan Program for New Milford properties.

The goal of the program is to financially assist homeowners with necessary repairs such as the correction of health and safety violations, energy conservation and weatherization, lead paint mitigation and code compliance measures. General improvements such as carpentry, roofing, siding, doors, windows, heating, electrical, plumbing and insulation work may also be eligible if they are warranted improvements.

Funding for this program is contingent upon award of funding from the Department of Housing. If awarded, qualified New Milford homeowners may receive a zero percent interest deferred payment loan to complete the approved work. A deferred loan requires no monthly payments and no interest accrues. Repayment to the Town occurs upon sale, remortgage, transfer of title, change in primary presidence or the owner’s demise.

Non-owner occupants/investors are eligible to apply for a one percent interest amortized loan providing their tenants meet the household income requirements. Proof of Fair Market Rent and affordability requirements are required.

Eligibility is based on the gross annual income of all household members over the age of 18 that are not full time students. Maximum gross annual income limits are as follows:

Household Max Income*

Size
1 $50,350
2 $57,550
3 $64,750
4 $71,900
5 $77,700
6 $83,450
7 $89,200
8 $94,950

Other factors such as equity and property tax status will impact loan eligibility at the time of full application.

The town is asking potentially eligible homeowners and property investors to complete a pre-application and submit it along with any questions to Tammy Reardon, the town’s grants and compliance specialist, at TReardon@newmilford.org or 10 Main Street, New Milford, CT 06776. Applications may also be emailed to TReardon@newmilford.org.

Pre-applications may be obtained at www.newmilford.org and at the Senior Center, New Milford Public Library and the Department of Social Services. The documents are due by March 25, 2019.