State provides $360,000 in low-cost home repair loans for low-income homeowners

first_imgGovernor Jim Douglas has presented a $360,000 grant to the Town of Williston and Champlain Housing Trust to provide 1%-3% loans tohhomeowners with lower incomes for essential home repairs. The Champlain Housing Loan Fund was created in 1997 and recently expanded into Chittenden County, with the Town of Williston s support as the grant applicant. The announcement will take place at the Williston Town Hall on No. Williston Road.Williston homeowners Amy and Mark Yandow recently borrowed a loan from the Champlain Housing Loan Fund to replace their oil furnace with a wood-fired boiler. The Yandow s explained, we were very happy with all of the help from the Champlain Loan Fund when we couldn t afford a bank loan, and we look forward to saving over $200 a month next winter. We already switched to wood and stopped burning oil last month. The Yandows house will also be weatherized by the Chittenden County Weatherization Assistance Program.The Champlain Housing Loan Fund manager, Liz Curry, appreciates the generous support from the state. The Governor and the Vermont Community Development Program have been great supporters of this program for over 10 years. It is the only state program of its kind to help homeowners with limited means, fix their homes. We work in partnership with USDA Rural Development, the VT Center for Independent Living, the Lead-Hazard Reduction program, and the Weatherization Assistance Program to leverage grants for specific repairs, but when it comes to just fixing your foundation, roof, septic system or well, we provide loans at 1%-3% with up to 20 year terms to get the job done.This year, the Loan Fund has weatherization grants available for mobile home owners that rent a lot in a mobile home park to tighten up their homes. For mobile home owners that are over the Weatherization program income limit, we have grants for mobile homes, and for single family homeowners, we have 0% weatherization loans with flexible terms, added Curry.The Loan Fund also provides free project management help and financial counseling to borrowers. The Loan Fund was established in 1997 and has lent over $2 million to over 200 homeowners in Chittenden, Franklin and Grand Isle counties. It is one of five regional housing loan funds in Vermont, which are all operated by five regional NeighborWorks® HomeOwnership Centers (www.vthomeownership.org(link is external)).last_img