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HOUSING ASSISTANCE PROGRAMS |
Marysville 2006-2007 CHIP Housing Programs
Three housing programs are available to residents of Marysville. Qualification is based on annual income. Income limits are provided below. The Home Repair Program and the Single-Family Rehab Program are for homeowners. The Down Payment with Rehab Program is for first-time homebuyers purchasing a home within the city limits of Marysville.
HOME REPAIR
Assistance is in the form of a grant for families
who qualify based on annual income. Part of the program will serve
families at or below 50% of the area median income, and the remainder will of
the program will serve families at or below 80% of the area median income.
2006 A.M.I. INCOME LIMITS FOR MARYSVILLE HOME REPAIR CHIP PROGRAM (Effective 4/1/06)
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Family Size |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|
50% Total Household Income |
$25,550 | $25,750 | $29,000 | $32,200 | $34,800 | $37,350 | $39,950 | $42,500 |
|
80% Total Household Income |
$36,050 | $41,200 | $46,350 | $51,500 | $55,600 | $59,750 | $63,850 | $68,000 |
Grant money up to $5,000.00 per unit for home repair will address housing units needing repair or replacement of one or tow major systems or health and safety items. Emergency situations can be addressed under this program. Type of work may include: Roof, furnace, plumbing, electrical, septic systems.
SINGLE-FAMILY REHAB
Assistance in the form of a deferred loan for
families who qualify based on annual income:
Families who qualify for a 0% interest, deferred loan will receive up to $35,000 to rehabilitate their home. All major systems in the house will be inspected and brought up to the program Residential Rehab Standards within the budget. A lien will be placed on the property to secure the loan. However, no payments will be required as long as the family owns and occupies the house. Over 10 years, 85% of the loan will be forgiven; 15% of the loan will be due upon sale or transfer of the property. Type of work may include: Roof system, electrical and plumbing, siding, windows, heating system, and weatherization.
DOWN PAYMENT WITH REHABILITATION
Assistance is available in the form of a
deferred loan for families who qualify based on annual income.
Assistance for families in a sales contract can receive a 0% interest, deferred loan up to $32,500 for combined down payment and home repair assistance. The two loans will be secured with mortgages on the property; however no payments will be required as long as the family owns and occupies the house. Over 10 years, 85% of the loan will be forgiven; 15% of the loan will be due upon sale or transfer of the property.
The home repair portion of each project must be completed within six months of the home closing and be brought up to Residential Rehab Standards. Each client will be required to complete homeownership counseling provided by the Mid-Ohio Regional Planning Commission.
2006 A.M.I. INCOME LIMITS FOR OWNER-OCCUPIED & DOWN PAYMENT MARYSVILLE CHIP PROGRAMS (Effective 4/1/06)
|
Family Size |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|
80% Total Household Income |
$36,050 | $41,200 | $46,350 | $51,500 | $55,600 | $59,750 | $63,850 | $68,000 |
APPLICATIONS ACCEPTED AND PROCESSED ON A
FIRST-COME/FIRST-SERVED BASIS
This program is funded by the State of Ohio, Office
of Housing and Community Partnership
For more information about this program, please call Kim Kellogg at the Community Housing Improvement Program (CHIP) office 1-800-886-6772 Monday through Thursday from 8am to 4:30pm.