Howard County To Offer Rehab Loan Program For Homeowners

From Howard County: Howard County Executive Allan H. Kittleman and the Howard County Department of Housing and Community Development (DHCD) today announced a new County-funded rehabilitation program for existing homes in the County.

The Reinvest*Renovate*Restore program is designed to provide low-interest loans to homeowners to make necessary home improvements, such as a new roof, and cosmetic updates, such as adding hardwood floors, to update their homes. Homeowners must also agree to spend some of the loan proceeds on exterior improvements to improve curb appeal and overall neighborhood appearance.

Homeowners may apply for loans up to $40,000 and repay over 25 years. Maximum household income limits, based on 80% of the Howard County area median income adjusted for family size, apply (example: $88,714 for a family of four). Applicants must live in the home as their primary residence, meet minimum credit score requirements and have sufficient household income to repay the loan.

“Ask any homeowner and they’re likely to tell you that it can be a financial hardship to make necessary repairs to their property,” said Kittleman. “The low-interest loans provided through this program will help homeowners make repairs more affordable and, at the same time, protect and enhance their property values.”

“This program offers residents across the county an excellent opportunity to improve their homes and their neighborhoods,” said Council Chairperson Jon Weinstein. “I’m hopeful many folks will take advantage of the program.”

DHCD will host an informational workshop for the Reinvest*Renovate*Restore program at its office (6751 Columbia Gateway Drive) on Monday, October 23 from 4:00 to 6:00 p.m. The workshop is free and open to public, but registration is required. To register for the workshop, please contact Debbie Gillen at 410-313-3508 or email dgillen@howardcountymd.gov. DHCD will also be available to answer questions about this new program at the 50+EXPO on Friday, October 20th at Wilde Lake High School.

"After many years of anticipation and excitement, I'm thrilled to see this program move forward as we continue exploring ways we can improve upon reinvesting in our older communities,” said Council Vice Chairperson Calvin Ball. “Homeowners will now be armed with new tools to renovate their homes, which we hope will boost home values and uplift our neighborhoods.”

For more information or to download the pre-application, visit DHCD’s website here.

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