Single Family Housing Rehabilitation Program
Eligible homeowners in need of repairs to upgrade and improve their existing homes now have access to low-interest rate financing. The program is designed to finance essential repairs to improve health, safety, energy conservation, and structural deficiencies. Eligible borrowers must be of low- to moderate-income and own a single family home outside the city limits of Colorado Springs. (If you live within the city limits of Colorado Springs, contact Colorado Springs Housing and Community Development (719)385-6877 about the Housing Rehabilitation Program available in the city limits.)
Eligible Borrowers
Homeowners of owner-occupied real property located in unincorporated El Paso County, the towns of Calhan, Green Mountain Falls, Monument, Palmer Lake, and Ramah, and the cities of Fountain and Manitou Springs, are eligible.
Family income must be less than 80% of median income as defined by HUD (see chart below). A capacity and willingness to repay the loan is required.
The Loans
- The maximum loan amount is $20,000 and must be sufficient to bring the home up to Property Rehabilitation Standards.
- The term of the loan will be determined on a case-by-case basis.
- The property must be occupied by the owner.
- All loans are secured by a Promissory Note and by a Deed of Trust on real property. Mobile Home owners must own the land and the home must be on a permanent foundation.
- Rehab must be performed by an approved general contractor.
- Loans of 1%, 3%, and 5% will be available based on income and household size as follows:
Income Guidelines for 2008
|
Family Size |
If family income is less than: |
|
1 |
$23,800 |
$30,950 |
$38,100 |
|
2 |
$27,200 |
$35,360 |
$43,100 |
|
3 |
$30,600 |
$39,780 |
$48,950 |
|
4 |
$34,000 |
$44,200 |
$54,400 |
|
5 |
$36,700 |
$47,710 |
$58750 |
|
6 |
$39,450 |
$51,285 |
$63,100 |
|
Rate |
1% |
3% |
5% |
|
|
|
|
|
Process
Applications will be accepted on behalf of El Paso County by Urban Redevelopment on a first-come, first-served basis.
Please call 385-6877 for more information and to request an application.
The Urban Redevelopment staff will inspect the property and determine the work to be accomplished. Homes built before 1978 will be tested for lead-based paint.
Assistance will be provided in selecting and monitoring the contractor who will make the repairs. Rehabilitation funds will be disbursed by El Paso County.
Eligible Areas
- Palmer Lake
- Monument
- Ramah
- Calhan
- Green Mountain Falls
- Manitou Springs
- Fountain
- All Unincorporated El Paso County
Made possible through cooperative efforts of:
- El Paso County
- Board of County Commissioners
- Office of Economic Development
- El Paso County Housing Authority
- City of Colorado Springs
- City Council
- Urban Redevelopment
- Colorado Division of Housing
- U.S. Department of Housing and Urban Development
The Single Family Housing Rehabilitation Program does not discriminate against any person because of race, color, religion, sex, disability, familial status, or national origin.
Additional Information
For more details, call:
City of Colorado Springs
Urban Redevelopment
704 East Boulder Street
Colorado Springs , CO 80903
Telephone: (719) 385-6877
TDD: (719) 385-5499