North Side homeowners may be eligible for up to $20,000 in home improvement financing!
NeighborWorks Home Partners has partnered with the Northside Residents Redevelopment Council (NRRC) to provide homeownership support to residents of the Near North and Willard-Hay neighborhoods. This partnership includes three home improvement programs: 1-4 Family Home Improvement Installment Loans, Senior Deferred Loans, and Emergency Deferred Loans.
NRRC 1-4 Family Home Improvement Installment Program
Eligibility for this program includes 1-4 unit homes that are owner-occupied at the time of application. Qualified homeowners may receive a low-interest loan of $3,000 – $20,000. No maximum income limit.
NRRC Installment Guidelines
Senior Deferred Loan Program
Homeowners that are 55 years of age or older may qualify for a zero-interest $3,000 – $5,000 loan. If co-borrowers, at least one borrower must meet the age requirement. This loan extends to 1-4 unit dwellings and is 100% forgivable after 7 years of continued occupancy and ownership. There are no maximum income limits or debt-to-income ratio requirements.
NRRC Senior Guidelines
Emergency Deferred Loan Program
If borrowers are not eligible for any other financing administered by NeighborWorks, they may be able to obtain a zero-interest emergency loan of $3,000 – $5,000. This program extends to 1-4 unit dwellings and is 100% forgivable after 7 years of continued occupancy and ownership. No maximum income limit or debt-to-income ratio requirement.
NRRC Emergency Guidelines
Looking to buy a home in Near North/Willard-Hay? We also have down payment assistance! Visit the NRRC Homebuyer “Entry Cost” Assistance page for more information.