Do you offer grants to seniors?
Almost all programs contain 0% interest loans except a certain CPD program under $8,000 where a partial grant is given. You need not be a senior to apply. The home must be owner occupied and be the principal residence.
Do I have to meet some income requirements?
Yes. You may not exceed stipulated amounts per number of household. All income in the household is counted. If someone else, besides you, holds an interest in the home e.g. their name also appears on the deed, but does not live there, their income must be counted as well.
How do I apply?
You must place an application at the CPD office on the 3rd fl West, City Hall. Eligibility will be determined at the time and income verifications will be required. Income will then be updated when the application is processed.
Is there a waiting period?
Yes, there is a waiting period that varies. The amount of time depends on the amount of applications received and other contractual factors.
What if I need an emergency repair?
If your home is deemed to need emergency repair, the emergency would be given priority, and the rest of the repairs that are non-emergent would be placed back in the order of the date the application was taken. All emergency liens are for 100%.
Does that mean that there would be a lien placed on my property?
Yes. There would be a lien placed on the property. All deed holders will be required to sign applicable mortgages.
I’ve heard that part of the lien will go away after several years. Is that true?
Depending on the area where your home is located, the type of loan you qualify for and availability of funds, you may indeed qualify for a partial deferred loan which would allow a percentage of the actual loan to "disappear" after or during 10 years, if you have not sold, transferred or refinanced the home in that specific time period.
Do I have to make monthly payments for the part of the lien that is owed?
No. The lien becomes payable in full at the time you sell, transfer or refinance the property.
What happens to the loan when the deed holder passes away?
The loan in all circumstances will still be owed and must be paid upon transfer.
FOR MORE INFORMATION
CONTACT THE CPD OFFICE AT (856) 794-4000 EXT. 4632
