DEFERRED, FORGIVABLE HOME IMPROVEMENT LOANS AVAILABLE TO RIO NUEVO DOWNTOWN HOMEOWNERS

Date: Septemer 12, 2005
For Immediate Release
Contact: Tom Ingram, 520-791-4636

Qualified homeowners within the fifteen Rio Nuevo Project neighborhoods may apply for a 10-year deferred, forgivable loan to pay for the cost of home improvements.

The new Rio Nuevo Homeowner Rehab Deferred Loan Program offers non-interest bearing, conditional payment loans. The loan principal is forgiven at the rate of 10% per year for each year that elapses from the date of loan approval. Whole or partial repayment occurs only if the rehabilitated property is sold or title transferred within that 10-year period.

The loan can be used to provide needed repairs or improvements that include roof replacement, room additions for overcrowded conditions, heating and cooling system upgrades, kitchen repairs, and plumbing and electrical repairs.
An applicant must own and occupy the property to be eligible. The property must be located within the Rio Nuevo Project area with no more than four dwelling units on site. Income limits based on family size apply. All taxes, payments, and assessments must be current and the property must be free of delinquent liens.

For more information, call Mike Czechowski or Karla Timmons, Community Services Department, Community Development Division, at 791-4636.
Program details in English and Spanish are also posted online at "What's New?" at <www.tucsonaz.gov/csd>. (Click on "Rio Nuevo Homeowner Rehab" items.)

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Media contact:
Tom Ingram
Community Development Division
Community Services Department
520-791-4636