Housing Reconstruction Loans
The City provides affordable, low interest loans and deferred/forgivable loans for complete home replacement projects. To qualify, one must be a homeowner of two or more years, be an outright owner of the property, be low income, be credit worthy and live in a CDBG Selected Target Area. Some limited funds are available for emergency situations and for elderly or disabled homeowners who reside in low income CDBG eligible areas of the city.
The assistance will be a combination Amortized Loan (AL) which requires monthly payments at a low interest rate and a Deferred Payment Loan portion which is a forgivable, no monthly payment loan. The higher an applicant’s income, the more the AL portion of the loan will be for the applicant. Existing mortgage balance will hinder or end loan consideration. A lien will be filed for the amount of the combined loan with the City. An applicant’s home must be deemed unsuitable for rehabilitation in order to qualify for reconstruction. The City will assist the applicant with the reconstruction process including contractor selection. Contact the Community Development Office at 685-7472 for further information.
Minor Repair Program
The City offers limited grant assistance to low-income homeowners for major plumbing, electrical, heating, and roofing repairs. The program is available in CDBG eligible areas. Based on a sliding scale, a client must pay a portion of the cost up front ($50 minimum). The City will help procure and will pay the contractors for the completed repairs. Contact the Community Development Office at 685-7472 for further information.
Low income, first time home buyers who are being helped by an approved local housing agency can receive grant assistance to help with the closing costs of a home purchase. Other eligibility requirements include homeownership training, ability to qualify for a primary mortgage, and being a Midland resident. To learn which local agencies offer homebuyer assistance with City funds, contact the Community Development Office at 685-7472.