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FOR IMMEDIATE RELEASE                                                                           January 31, 2011

 

 

LOW-INTEREST HOME REPAIR LOANS AVAILABLE

 

(Mon., Jan. 31, 2011)—Owners of homes damaged by recent rain storms, or otherwise needing repairs, may be eligible for low-interest loans from the City of up to $75,000.

 

Qualified owner-occupants may receive loans for such work as reroofing, repainting, electrical and plumbing repairs, termite damage repairs, and accessibility improvements.

 

The loans are available to homeowners who do not exceed gross annual income limits that range from $55,650 for a one-member household to $104,900 for an eight-member household. Other restrictions apply.

 

Loan interest rates range from 0 to 2 percent. Monthly loan payments are based on a 15-year maturity for loans under $60,000, and 20-year maturity for loans $60,000 and over. Loans will be secured by a mortgage on the property.

 

The City is an equal opportunity lender.

 

For more information, or to obtain a loan application, go to www.honolulu.gov/dcs/housingloans.htm or call the City's Honolulu Rehabilitation Loan Program at 768-7076.

 

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Media contact: Department of Community Services Acting Director Samuel Moku, 768-7760.