Homeowners who live in the Interstate Corridor or the Lents Town Center Urban Renewal Areas (URAs) may be eligible for a no-interest loan of up to $40,000 to fund repairs, like a leaky roof, or electrical and plumbing issues. Households must income-qualify (see Income Guidelines).
Read through the “Eligibility and Loan Terms” information to determine if you qualify.
Request an application and fill it out
Contact the PHB Housing Loan Coordinator, Bev Keagbine and request an application.
The loan coordinator will review the application and accompanying documents and determine eligibility and availability of funds. PHB will request any additional documentation if needed.
If the borrower is eligible, and funds are available, then PHB will send out a commitment letter for the borrower to sign and return.
Construction coordinator and contractor bids
The PHB construction coordinator will schedule an appointment with the borrower at their home to complete a home assessment. The construction coordinator will discuss with the borrower the critical repair needs and finalize the work to be done.
The construction coordinator will assist the borrower to obtain a minimum of three bids from contractors for the repair work. Then the borrower chooses a contractor, and signs a construction agreement between the contractor and the borrower.
Final loan determination and property lien report
Based upon the construction agreement, the construction coordinator establishes the final loan amount.
The loan coordinator requests a report from the title company regarding any liens and/or judgments on the property. The loan coordinator reviews the report and confirms loan eligibility.
Closing documents signing, funding the loan, and completion of repairs
Closing documents signing: The loan coordinator schedules an appointment with the borrower to sign the loan closing documents.
Funding the loan: PHB puts the repair funds into an escrow account. The borrower and contractor then receive a “notice to proceed” letter, and the borrower contacts the contractor to schedule the repair work.
Completion of repairs: Once the contractor finishes the work, the borrower and the construction coordinator must approve the work. The borrower then completes a loan disbursement form and provides it to the construction coordinator so that the contractor can be paid.