0% interest home rehabilitation loans for low- and moderate-income homeowners. Please review informational guide and fill out forms for the Single Family Rehab Loan Program.
Applicant Eligibility
An applicant’s adjusted gross annual household income must be at or below 80% of the area median income, adjusted of household size. Incomes of all household members who are 18 years of age and older will be taken into account when determining the household income. The home must be within the corporate limits of the Village of Arlington Heights. The homeowner must have owned and lived in the home for at least 2 years prior to participation in the program.
Eligible Repairs
Financing is provided for basic repairs and maintenance such as roof replacement, plumbing, electric, etc. Modifications to make homes safer and more accessible for senior and disabled residents are also eligible.
Terms of Financing
Loans are at 0% interest and there are no monthly payments. A $100 Village administrative fee is charged for each loan and is included in the loan amount. Loans are repaid when the owner ceases to be the full-time owner-occupant of the home. Most commonly, this is when the home is eventually sold. The maximum loan amount is $25,000. The Village loan, combined with other loans secured by the property, may not exceed 85% of the appraised value of the property. Each loan is secured by an Estoppel Agreement (similar to a second mortgage) that is recorded against the title of the property.
2018 Maximum Income Guidelines
| Household Size |
Maximum Adjusted Gross Annual Income |
1
|
$47,400 |
| 2 |
$54,200 |
| 3 |
$60,950 |
| 4 |
$67,700 |
| 5 |
$73,150 |
| 6 |
$78,550 |
| 7 |
$83,950 |
| 8 |
$89,400 |
Multi-Family Policy and Developer Toolkits
As stated in the Village's Comprehensive Plan, "The quality of life in Arlington Heights is the community's greatest asset and it is reinforced by the quality of the housing and character of the Village's neighborhoods."
It is the goal of the Village of Arlington Heights to maintain a vibrant community and support its economic base by offering residents a variety of housing types that provide desirable housing for single individuals, families, elderly persons, and members of our community who have special housing needs. A diversity of housing options, that includes affordable homes, enables young adults who grew up in Arlington Heights to return to their hometown to live and to raise their own families. A variety of housing options gives "empty-nesters" and senior citizens the ability to downsize without leaving the community. Affordable housing opportunities also enable entry level and lower wage workers to locate near their places of employment in and around Arlington Heights. Workforce housing supports the local economy by providing an available workforce.
Developers are provided guidelines and tools for including affordable housing units in their developments in the Village's Multi-Family Affordable Housing Toolkit for For-Sale Housing and Housing Toolkit for Rental Housing.