Property improvement program offered 09.01.2010
The Michigan State Housing Development Authority’s Property Improvement Program offers low-interest loans for home improvement projects to qualified home owners.
Single-family home owners with low-to-moderate income (up to $65,000) and landlords (no income limit) renting to low-to-moderate income tenants could be eligible for funding.
Improvements projects such as the following are eligible:
• Heating and air conditioning, plumbing, and electrical;
• Roof, doors and windows, siding, and insulation;
• Kitchen and/or bath remodeling;
• Garages, carports, driveways, walkways, and ramps;
• Additions and attic or basement finishing;
• Painting and lead-based paint remediation;
• Water heater (including solar); and
• Septic and sewer (including connection to system);
Homeowners can borrow up to $50,000 for a site-built home, less for manufactured homes. The interest rate for homeowners is 4 percent, 6 percent or 8 percent, depending upon income.
Landlords can borrow up to $25,000 per unit, with a maximum outstanding limit of $100,000 per borrower. Eligible properties cannot have more than 11 units. The interest rate is fixed at 8 percent. The rental units must meet MSHDA rental limit guidelines.
The loan terms are flexible, with up to 20 years to repay the loan. There are no annual fees, no penalty for early payoff, and automatic payment is available.
Loan applications are submitted to approved participating lenders or community agents.
For more information, visit www.michigan.gov/mshda, then click on the Home Improvement link.
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