Low Cost Residential Rehab Loans

After this winter has taken its toll on Norwalk, it might be a good time to take a look at the toll snow storms have taken on roofs and exteriors. For residential buildings with six or more units, the Norwalk Redevelopment Agency (NRA) offers low interest loans through its Residential Rehabilitation Program.

Until about a year ago, the program was available to single family residences, but  Tim Carney, the NRA’s housing development project manager, says the agency now is concentrating on larger units.

“A similar amount of time and effort is put into a two family as a twenty unit complex. More bang for the buck as it were,” Carney said.

The program to also include condos and co-ops, he said. The Residential Rehabilitation Program is open to both owner-occupied and rental properties with residents of either low- or moderate-income households. Since the program began in the 1970s, the NRA has provided financial and technical assistance to over 400 properties ranging from single family homes to an 86-unit complex.

Current loan rates are 3 percent for owner-occupied units and 3-5 percent for investment properties. Generally, the funds can be used for fixing health or housing code issues. Lead paint, fire and safety problems are eligible. So are repairs that update energy efficiency or bring units into compliance with the Americans with Disability Act of 1990.

For more information about the program, call Tim Carney at (203) 854-7810 ext. 46784 or email him at TCarney@NorwalkCT.org.