BY ART BUKOWSKI
abukowski@record-eagle.com
TRAVERSE CITY — A series of programs designed to give local homeowners a boost during tough economic times is available through the Traverse City Housing Commission.
The commission is accepting applications for three programs it will administer on behalf of Grand Traverse County. The programs, funded by a total of roughly $734,000 in grants from the Michigan State Housing Development Authority, will help low- to moderate-income residents with home purchases and repairs.
Residents must make less than 80 percent of the area's median income — about $34,000 a person or $39,000 for a two-person household — to qualify.
One program offers up to $25,000 in 100 percent forgivable loans for down payments and repairs to city homes. The loan is forgiven in equal monthly increments over 10 years, said Virginia Coulter, director of community housing programs for the city housing commission.
Up to $10,000 of the loan can be used for a down payment, Coulter said, and the rest used for significant repairs to boilers, water heaters or other items.
"The goal of the program is to keep people out of a crisis situation," she said. "It's a great program."
The second initiative offers up to $35,000 in 50 percent forgivable loans for qualified home repairs for residents inside the city's neighborhood enterprise zone, or NEZ. The area includes homes on Eighth Street between Franklin and Rose Streets.
The housing commission must inspect the home to see if repairs are needed, Coulter said, and will handle payment of contractors or other repair workers. Half of the total cost of the loan will be forgiven in increments over five years, Coulter said.
The third program offers home repair loans that are deferred until the owner leaves the residence. Residents throughout the county are eligible provided they meet income requirements.
Anyone interested in applying can contact Coulter at (231) 922-4862. The loans are offered on a first-come, first-served basis and will be offered only while money lasts.
