WASHINGTON, D.C. – March 26, 2015 – (RealEstateRama) — Mayor Chris Beutler today said the City’s Home Improvement Loan Program (HILP) is another tool to strengthen neighborhoods across Lincoln. Through HILP, zero-interest loans are available to qualified low- to moderate-income homeowners for up to $15,000, and the monthly loan payments can be extended for as long as ten years.
“Every homeowner knows that fixing problems now can prevent bigger bills down the road, but finding the funds to make the necessary repairs is difficult for many,” Mayor Beutler said. “This program allows residents to fix the roof before it causes water damage, to install a walk-in bathtub before a fall occurs or to save on energy bills with new windows. Improvements like new flooring, lighting, siding, porches and decks make homes more attractive and livable inside and out. And pride in one’s home is one key to healthy neighborhoods.”
The Nebraska Investment Finance Authority provides the capital for participating local lenders, and the City uses federal Community Development Block Grants to pay the interest on the loans.
To qualify, residents must live in and own the home (four-plex or smaller). The home must be at least five years old and within the City limits, and the household must meet income guidelines:
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Since 1989, more than 600 HILP loans have helped Lincoln residents invest about $7 million in their homes. Those interested in HILP can call the City Urban Development Department at 402-441-7864. More information is available at lincoln.ne.gov (keyword: HILP).
Steve Werthmann, Urban Development, 402-441-8621