Show Me The Money!

Jul 09, 1998

SHOW ME THE MONEY
By Lew Lasher

Since one of the Aspens main problems left to us by our California architect is inadequate insulation and single pane windows it seems right to keep informing you of programs for homeowners to help with upgrades.
A couple of months ago we focused on the Arapahoe County Program for FREE INSULATION for those individuals who qualified as very low income. Well here is something more residents may be able to qualify for that SEEMS ALMOST LIKE FREE INSULATION.
The City of Aurora?’s Single Family Rehab Loan Program is an option for another group of our homeowners who make a bit too much money for the county program but 80% or less than the median family income as determined by the Housing and Urban Development (HUD). For example if your gross income is $31,200 for a single person, $35,650 for 2 people etc. you would be income eligible for the program.
This is a loan but with a great twist - YOU DON?’T PAY IT BACK UNTIL YOU SELL THE HOME!. Eligible participants receive a 5% simple interest, deferred payment loan to cover the cost of rehabilitating the home. A deferred loan means that no payments are required as long as you own the home. Interest accrues for the first 6 years and then stops.
Other requirements: You must have owned the home for at least 2 years and must live in it. It must be within the city limits of Aurora (we?’ve got that one) and the appraised value plus the rehabilitation cannot exceed HUD limits set for the area.
Monies are used for repairs to your home because of deterioration or safety concerns. Wiring, furnace, insulation, windows, plumbing, etc are all eligible to bring the property up to local building codes, health and safety standards.
The Community Development Rehab staff will verify your eligibility, inspect your home to determine what work can be done under the program, do a cost estimate, solicit bids, prepare the loan and construction contracts and inspect the work as it progresses.
If you think you meet these guidelines call John or Anita at
City of Aurora
Neighborhood Support Department
Community Development Division
(303) 360-0017
One catch, it may take up to 6 months before your application makes it to the top of the waiting list so don?’t wait. Apply today and you may be toasty warm for the first time this winter!