Real Estate Blog - The city of Sunrise FL to offer financial aid to homeowners for home repairs and replacement

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The city of Sunrise FL to offer financial aid to homeowners for home repairs and replacement

The city of Sunrise FL to offer financial aid for home repairs and replacement

Residents of Sunrise FL can now apply for financial aid to apply towards home improvements under the city's Housing Rehabilitation Program. Owner occupied property can apply for loans to pay for critical renovations.

They must be verify the home repairs and or replacement to deteriorated systems as well as any unidentifiable health hazards.

The way it works is by having the city forgive 20% of the loan for each year the borrower remains in the home. The program draws on state and federal money for the loans. To qualify....individuals must have earned less than $24,900 in the 2007 tax year and a family of four must have earned less than $35,600. Some other items needed to be supplied along with their completed application form are their W-2 tax returns for the last 2 yrs...their last 3 pay stubs...6 most recent bank statements...divorce,alimony,child support,pension and social security information if applicable. They will also need to show proof of home ownership,paid property tax and insurance bills....etc.

According to city commissioner Donald Rosen... the financial aid program will not only add value to the homes that have been effected by the recent rise in foreclosures....but will also provide critical equity lines for building improvements.

Decreasing values.....poor neighborhhood conditions and homes that were damaged after the last big hurricane has caused many homeowners not to be unable to repair the damage and improve their properties due to lack of funds available. This program will most certainly will improve current conditions in the long run. The program started about 15 years ago.

I think this could be a program that will help maintain the community as well as help people make those critical repairs they need to keep their property more habitable. My hat goes off to the city of Sunrise FL!

All applications will be taken on a first come first serve basis.

For more information ....please call the city grants administration team at (954)572-2315

For more information please contact Neal The Real Deal Bloom-Realtor® /RE/MAX Premier Associates

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556

Posted by Neal Bloom-Realtor ® Assoc.-CRS-Weston FL on 05/05/2008 03:24 PM

Comments (8)

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Originally posted at: Weston Florida Real Estate Blog, Neal"The Real Deal"Bloom : The city of Sunrise FL to offer financial aid to homeowners for home repairs and replacement

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8 Comments on The city of Sunrise FL to offer financial aid to homeowners for home repairs and replacement

MAY

2008

Neal, this is just wonderful. It will help a lot of people out there. Thank you for sharing this important information with the public. I imagine a lot of people do not know about this. Good for the city of Sunrise Florida

Neal,
Sounds like a win/win for home owner and the city. I hope lots of people take advantage.

Neal here in Connecticut we have a similar program through CHFA, that is available in four cities, but the income limits are much higher than yours. Under this program they can borrow up to $25,000 for repairs and improvements (not cosmetics) and they will also be forgiven 20% of the loan for five years if they continue to live in the property.

Neal, this sounds like responsible governing. Thanks for letting people know about it. It's nice to hear what the government, both local and federal, are doing right once in a while.

what a great program - I am not sure what the cost of living is there - but the income level of this seems pretty low -

MAY

2008

What an impressive program, Neal. I imagine there are a good number of people who may need this assistance provided they meet the income requirements.

Jeff

Excellent info Neal! Seems like a good program and anytime improvement to the quality of a home is done, it tends to also better the quality of the neighborhood. I've seen similiar programs elsewhere and while I'd like to read any fine print if applicable, I'm liking what I read thus far.

I was reading about this in the paper on the weekend and wondered if it had gotten enough exposure so I summarized it and figured if I posted it then maybe some people who are in need of this program would find it. I have missed out on things that were in the papers and later found them on the Internet. It seemed like a program that would actually help people instead of always wanting something in return.

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