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
|
$51,000 |
| 2 |
$58,250 |
| 3 |
$65,550 |
| 4 |
$72,800 |
| 5 |
$78,650 |
| 6 |
$84,450 |
| 7 |
$90,300 |
| 8 |
$96,100 |