By Edwin Oscar Gutierrez, Jr.
Olympia announced in a press release that it has reinstated its Rental Rehabilitation Revolving Loan Fund, which provides loans to rehabilitate homes being rented by low-income community members inside the city’s boundaries.
Partnering with Homes First, a local nonprofit organization, the loans are available to finance projects such correction of health and safety concerns, upgrades in heating equipment, windows and siding, and improvements in the livability of the structure: including roof replacement, plumbing and electrical projects.
“We look forward to supporting the preservation and revitalization of Olympia’s low-income rental properties,” said Community Development Block Grant (CDBG) program specialist Anastasia Everett.
CDBG’s revolving loan programs will focus on supporting housing-improvement activities such as rehabilitating single-family homes and apartment buildings that are rented to low-income community members, the city statement clarified.
The city’s statement pointed out that the program will be beneficial for landlords of low-income renters since it will provide access to zero-percent, deferred-payment, 30-year loans to eligible applicants with no required monthly payments.
“The principal is due at the time of sale, conveyance or transfer of ownership of the property or in the event of default under the loan documents. There is no prepayment penalty,” it added.
“No monthly payments are required for these 30-year loans,” the press release said. “The loans are not due unless the property is sold or refinanced.”
Interested applicants must submit an online pre-screening form, after which a Homes First representative will contact them.
“All loan request applications for CDBG funding must be submitted to the program administrator for review,” the statement said. “Applications for loans will be reviewed for qualifications and depend on current funding availability.”
Applicants are recommended by the city to visit the CDBG Program website and to “allow sufficient time to complete the application and request any technical assistance.”
