Qualified homeowners in Newport County can receive home repair loans to correct code violations. Home repair loans are available at 3% interest fixed for the life of the loan. This program has no closing costs, application fees or points. Please see details for eligible repairs below or contact Peter Lalli, our Loan Officer, at the number below.
The minimum loan for home repair is $1,000. Loans are financed for a term of 15 years. Monthly payments equal $6.91 per $1,000 borrowed. Single family homeowners can borrow up to $20,000 and multi-family home owners can borrow up to $40,000 (for a maximum of 4 dwelling units or 8 units for a non-profit owner).
Eledgible Repairs (pdf)
Qualifications
Homes must be owner-occupied and homeowner's total family gross income must not exceed current HUD established moderate income limits. Rents in multi-family homes must be at or below HUD established Fair Market Rent Levels, including utilities. Senior citizens and homes occupied by disabled persons may qualify for both 3% and 0% home repair loans.
Opportunities for Newport County Seniors and Persons with Disabilities
Special home repair loans up to $5,000 are available to seniors and persons with disabilities. These loans do not accrue interest and payment is due when the property is sold or title to the property is transferred.
Rhode Island Housing
Home Repair, Equity and Reverse Mortgage Loan Programs are also available through Rhode Island Housing and you can apply for these loans at Church Community Housing Corporation. As with CCHC loan programs, RI Housing's Home Repair and Equity loans do not have any closing costs.
To learn more about these loan programs, contact:
Peter Lalli, Loan Officer
phone: (401) 846-5114 x11
fax: (401) 849-7930
email: plalli@cchcnewport.org
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