The Platteville Housing Division has $180,000 of grant money available for eligible city residents to purchase homes or pay for home repairs.
The money is part of the Community Development Block Grant program to provide grants for low- and moderate-income households in communities of less than 50,000 people for three purposes — home rehabilitation and repairs, improvements and repairs on rental or investor-owned properties, and downpayment assistance.
Rental Rehabilitation Loans are zero-interest installment-payment loans for owners who rent to eligible tenants and who agree to U.S. Department of Housing and Urban Development rental standards.
Home Purchase Assistance Loans are no-interest loans to buy owner-occupied or vacant homes with deferred payment until the home is no longer the owner’s primary residence. A potential borrower can use the loan for a downpayment or assistance with closing costs. The buyer must contribute at least $1,000 toward the purchase of the house and must secure an affordable mortgage from a reputable lender.
Eligibility is based on total household income, residency, property equity, affordability and scope of the project. Maximum household income limits start at $33,550 for one-person households and increase by $4,800 per person to $47,900 for a family of four.
For more information, contact Lori Olson-Pink, 348-9741 ext. 2246, firstname.lastname@example.org.