14 October 2009
MSHDA’s Property Improvement Program
Posted by admin under: Neighborhood Improvement .
MSHDA’s Property Improvement Program offers low interest home improvement loans to single-family homeowners with low-to-moderate income (up to $65,000, or $74,750 in certain areas), and landlords renting to low-to-moderate income tenants. Eligible home improvements include the following:
- Windows
- Furnaces (including geothermal)
- Insulation
- Roof repair or replacement
- Solar water heating systems
- Siding
Other improvements include:
- Kitchen and bathroom remodeling
- Foundation repair
- Garage or carport (addition or repair) and
- Other permanent improvements to homes.
With the Property Improvement Program, eligible homeowners can borrow up to $50,000 for a single family site-built home. Lower limits apply to manufactured homes. Because we can amortize the loan up to 20 years, the monthly payments are very affordable for those on a fixed income. The interest rate for homeowners is 4%, 6%, or 8%, depending upon income.
Eligible landlords can borrow up to $25,000 per single-family rental unit, and an average of $12,000 per unit for multi-family properties (up to a maximum of $60,000 per property). Eligible multi-family properties cannot have more than 11 units. The interest rate is fixed at 8%. There are no income requirements for landlords, but the rental units must meet MSHDA rental limit guidelines.
You can get more details about the program at www.michigan.gov/mshda, then click on the Home Improvement link.
Property Improvement Program brochure – 504KB PDF
Leave a Reply
You must be logged in to post a comment.