by Vince Bushell

If you own your home and have a low income, you may qualify for a grant that would pay for major home repairs. The NIP program focuses on correcting building code violations on the properties accepted for work. A city inspector determines the type and quantity of repairs to be done. This is a forgivable loan program for low-income homeowners. Successful applicants do not have to pay back the loan if they live in their homes for three years after being accepted into the program. The YMCA is now accepting requests for applications for NIP work to be done. In order to be eligible for the NIP program, your household must meet the following criteria: You must own your home and have lived in it for at least two years. — Your home must be insured. — Your property taxes must be paid. — You have not had service from the NIP program previously. — You have not received a home rehabilitation loan from the city previously. — You must provide documentation of household income, property insurance, mortgage payments and utility bills. It is important to note that when applications are rejected, it is most often because of incomplete information, previous service, unpaid taxes, or lack of insurance. Only completed applications will be considered. Rick Slayton, Program Manager, is available to answer questions on the application process and can send you an application. Applicants are responsible for filling out the forms and providing the documents needed. Low income is defined as less than $24,000 for a one income household. Call for complete information on income eligibility. If you are interested in applying for the NIP program, please contact: YMCA Community Development Corporation, Rick Slayton, 1350 W. North Ave., Milwaukee, WI 53205 or call 414/374-9441. Lincoln Neighborhood Development Corporation — LNRC Neighborhood Renovation Loan Program This is a citywide program. Mike Gapinski of LNRC states that this pilot lending initiative with Fannie Mae “allows homebuyers to immediately improve the property with up to 50% of the first mortgage.” The renovation cost for the property is included in the loan to buy the property. For example, a home selling for $80,000 could be purchased with a $150,000 loan, thus allowing the homebuyer to invest $70,000 in repairs and remodeling costs. LNRC provides home buying counseling and renovation assistance to the buyer. This program is for owner occupied properties of one to four units. Borrower must contribute a minimum of 3% of the total project proposed costs. Renovation costs must result in a matching “as completed” appraisal of the property (97% loan to value ratio). Buyers must have acceptable credit. Normal fees apply and loan rates are at market level. There are no upper income limits to this program. For more information contact LNRC at 671-5619. Ask for Marlene Castillo, Homebuying Counselor. E-mail marlene.castillo@cbgmail.com Or stop in for “Casual Coffee Informational Meetings” at the Riverwest Co-op, 3-6 p.m., Thursdays in February.
by Vince Bushell