Roscommon County has Community Development Block Grant (CDBG) funds from the Michigan State Housing Development Authority (MSHDA) to allow 0% interest loans and deferred loans up to $40,000 for residents of Roscommon County to bring their homes to Uniform Physical Conditions Standards (UPCS).
Payments on the loans can be extended up to 15 years to keep payments affordable. Payments paid back to the county are reloaned to other county residents for the same type of home improvement activities. If eligible for deferred loans, no payments are required by the homeowner as long as they continue to own and occupy the home. There is a lien on the property until the property changes hands; at that time, the full amount is due. These loans are 0% interest loans.
CDBG funds may also be leveraged with outside funding to replace old, deteriorated homes that are considered to be seriously substandard and cannot be upgraded to meet UPCS within the $40,000 maximum. Listed are some of the requirements for the Roscommon County CDBG funds:
The home must be located in Roscommon County.
The home must be owned and occupied by the owner; rental homes are not eligible. One-year residence is required.
Property taxes, mortgage payments, or land contract payments, cannot be delinquent. Land Contracts cannot have a balloon payment and must be subordinated by the land contract holder.
Approvals of CDBG loans are determined by the Roscommon County Housing Advisory Board.
Income of the household must be between 50% and 80% of the area median income levels for 50% deferred and 50 % monthly payment loans.
Income of the household must be under 50% of the area median income levels for 100% deferred loans.
Listed are only some of the requirements, please contact the Roscommon County Housing Commission for more information.