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Subsidized
Loans and Grants
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For Remodeling and Repair:
The purpose of this program
is to provide necessary repairs and improvements to dwellings
of qualified applicants inculding renovations, repairs and additions through low-interest loans. The requirements are as follows:
Grants
- Applicant must live in an eligible town.
- Applicant must be 62 years of age or older.
- Applicant must own and occupy a modest dwelling.
- Applicant must have a very low income and
be unable to repay a loan at a 1% annual interest rate.
- The repairs and improvements to be made must
be necessary to make the dwelling safe and sanitary and/or
remove health and safety hazards.*
A grant can be approved for up to $7,500.
The applicant does not have to pay the grant back to the government,
but will be required to remain in the dwelling for a period of
three years after receiving the grant.
Loans
An applicant must:
- Live in an eligible town.
- Be 18 or older
- Own and occupy a dwelling
- Have a very low income and be able to repay
a loan at a 1% annual interest rate.
Also, the repairs and improvements to
be made must be necessary to make the dwelling safe and sanitary
and/or remove health and safety hazards.*
A loan can be approved for up to $20,000
at a 1% interest rate which is payable over 20 years. The total
assistance available is $27,500 which could consist of a combination
loan and grant.
The maximum income limits based on family size shown below are for
the towns of Belchertown, Brimfield, Granby, Holland, Monson, Palmer,
Wales and Ware. Other towns may have slightly different maximum
income limits.
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Family Size
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Maximum Income
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Family Size
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Maximum Income
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1
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$27,150
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5
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$41,900
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2
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$31,050
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6
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$45,000
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3
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$34,900
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7
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$48,100
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4
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$38,800
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8
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$52,200
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* Eligible projects include septic system
repairs, rot, insect damage, plumbing, heating or electrical repairs.
Also eligible are projects that make a dwelling handicapped accessible.
Subsidized New Home Loans
1% Fixed Interest
Rate
If you have good credit, we can build you a
new modular home that can be subsidized by the Federal Government.
To qualify your income may not exceed the income
limits shown below.
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Family Size
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Maximum Income
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Family Size
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Maximum Income
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1
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$43,450
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5
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$67,050
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2
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$49,700
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6
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$72,050
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3
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$55,900
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7
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$77,000
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4
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$62,100
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8
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$81,950
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If you have any questions please call Kozyra
Construction at 413-245-4402. It may cost you less
to own than to pay rent!
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