Summit Combined Housing Authority to help with special assessments in 2013
December 23, 2012
Some homeowners who find themselves facing hefty expenses for needed health or safety-related projects on their homes will be able to look to the Summit Combined Housing Authority for help next year.
The authority is launching a new loan program offering assistance to owners who have been hit with special assessment costs between $10,000-$15,000.
Local housing officials said they recently recognized a need for the loan program among owners who don’t qualify for special-assessment loans through their homeowners’ association or property-management company.
“We wanted to have something else available for them with a lower interest rate,” said Joanne Van Steenberghe, of the Summit Combined Housing Authority. “We don’t want people to lose their home because of the assessment.”
Special assessments can include replacing a roof, major exterior work or updating heating or plumbing systems. If an HOA does not have enough money in reserve to cover the project, they ask the homeowner to share the burden, according to a statement from the housing authority.
The loan program is not available for aesthetic projects.
Owners will have to live and work in Summit County full-time, year-round to qualify for the loan, and recipients’ income cannot exceed a specific threshold, Van Steenberghe said.
Loans will only be granted to families at or below 100 percent of AMI, or currently $89,800 a year for a family of four.
The special assessment program was created from the remains of a down payment assistance loan program, which is being discontinued because many lenders would not approve the funds.
The money from that program has been rolled over to create the special assessment loan program.
Applications will be online at the housing authority’s website after Jan. 1.