The Affordable Housing Corporation of Lake County, a not for profit corporation offers a home improvement program to homeowners as well as home sellers who might not have the funds to increase the value of their homes.
The Homeowner Rehabilitation Program offers three different types of loans: amortizing loan, which from January-June 30, 2002, offers an interest of 5.20% fixed for 15 years. This interest rate is exclusively offered with our rehab program and cannot be found in any home equity loan. The interest rate is based on a 10-year treasury bill and changes twice a payment, and the FHLB loan of $4,000.00, which is forgivable after five years with certain mortgage conditions.
Improvements can be anywhere from the roof to the foundation and anything else in between like: leaking windows & walls, bathrooms, electrical updates, drive ways, install new furnaces, and possibly room addition to a home. The program's emphasis is on health and safety issues. It also offers handicap accessibility and painting or other similar cosmetic treatments. The program also provides the services of a rehabilitation specialist for inspection of health and safety code issues, and provides technical assistance during the rehabilitation process.
To be eligible for the program, the applicant must meet the following criteria:
- Owner occupied single-family residence only.
- Your home must be located in Lake County, Illinois (except Waukegan, and North Chicago)
Eligibility is based on household size and income; For example, the maximum income for a family of 4 is $54,400. Please call for other income limits guideline based on household size.
To apply for the program, call:
Brenda S. Y. Yonzon
Rehabilitation Loan Administrator