Home Rehabilitation Assistance Program
HOME REHABILITATION PROGRAM
Purpose:
To repair and preserve single family housing stock, thereby contributing to neighborhood revitalization and stability.
Benefits:
Up to $50,000 no-interest loan to repair current home.Repayment Schedule:
Eligible clients over the age of 62 will not have loan repayment requirements.|
Repayment Scale for Clients 18 - 61
Years old |
||
| MEDIAN INCOME LEVEL |
REPAYMENT PERCENTAGE |
DEFERED FORGIVABLE LOAN PERCENTAGE |
| 50% and below | 0% | 100% |
| 51% - 61% | 30% | 70% |
| 61% - 70% | 40% | 60% |
| 71% - 80% | 50% | 50% |
Eligibility Criteria:
- Applicants must meet income criteria (80% or below the median income for the City of Waco)
- Property must be in the city limits of Waco.
- Must provide proof of ownership and have clear title to the home.
- Applicant must not have more than 1 lien on the property, which can not be a reverse mortgage.
- Clients who received assistance under the reconstruction program are not elgible to receive assistance under the home rehabilitation program.
- Home must be insured and all property taxes paid in full.
More terms may apply to this program. For more information, please contact us at 254-750-5656.
|
City of Waco,
80 percent of the Median,
Income Criteria as of 6.15.22 |
|
| Family of 1 | $39,150 |
| Family of 2 | $44,750 |
| Family of 3 | $50,350 |
| Family of 4 | $55,900 |
| Family of 5 | $60,400 |
| Family of 6 | $64,850 |
| Family of 7 | $69,350 |
| Family of 8 | $73,800 |
