Terms and Minimum Requirements
The Single Family Housing Rehabilitation Loan Program is designed to assist low to moderate-income individuals and families. To ensure that Salem’s homes are comfortable and safe, the Home Rehabilitation Program provides up to $30,000 for eligible repairs, as listed below, and up to $10,000 to mitigate lead-based paint hazards. The borrower and the home must meet the minimum requirements as outlined below; additional requirements may apply. Please read all requirements before submitting an application.
| Loan Terms |
|
|
| Interest Rate: |
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0% interest |
| Loan Amt Per Unit: |
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$30,000 maximum |
|
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$10,000 maximum (lead-based paint abatement) |
| Term: |
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Deferred payment;
Lead-based paint abatement funds are forgivable after 1 year. |
| Repayment |
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Loan is due in full if property ceases to be owner occupied. |
| |
| Additional terms may apply. Terms subject to change. |
Eligible Borrower
- Annual household gross income cannot exceed 80% of the median income for Salem.
- Liquid asset cap of $5,000.
- Clear of bankruptcy for five years.
Eligible Homes
- Must be owner occupied.
- Must be located within the city limits of Salem or Keizer.
- Qualifying structures include: single-family residences (duplexes, or triplexes are not eligible).
- After rehabilitation, value cannot exceed $271,050.
- Home must be insured.
- Mortgage and taxes must be current.
- Loan amount must be fully covered by equity.
Documents
Application and supplemental information - Word Document
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