No-interest, deferred-payment home repair loan funds are now available in the following locations:
Benton County: Loan funds are now available throughout Benton County, except within the city limits of Corvallis, for owner-occupied properties (Residents of Corvallis may contact the City of Corvallis Housing Dept. for similar assistance, 766-6944.)
Linn County: Loan funds are now available throughout Linn County for owner-occupied properties.
Lincoln County: Loan funds are now available throughout Lincoln County for owner-occupied properties and there is some funding available in Newport for rental properties.
The loans are available for home repair needs such as roofing, heating and electrical systems, plumbing, foundations, structural work, and other conditions affecting health, safety and livability.
No interest is charged on these loans, and no monthly payments are required; loans for rehab of owner-occupied properties are not due and payable until the property is sold, transferred, vacated or refinanced; rental property owners must contribute 50% of the cost of the project, must agree to rent to low-income tenants for the life of the loan, and must pay off the loan in ten (10) years.
Interested property owners are encouraged to contact Jeni Wells-Whitney at CSC Community Housing Services office in Corvallis to find out if they are eligible, (541) 758-2636 or jwwhitney@communityservices.us. (Note: for rental properties, income guidelines will apply to the tenants.)
