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$5 MILLION IN LOW-INTEREST HOME IMPROVEMENT LOANS ANNOUNCED BY EOCD, MHFA; HALF OF FUNDS TARGETED TO ELDERLY/DISABLED BORROWERS

$5 MILLION IN LOW-INTEREST HOME IMPROVEMENT LOANS ANNOUNCED BY EOCD,
 MHFA; HALF OF FUNDS TARGETED TO ELDERLY/DISABLED BORROWERS
 BOSTON, Sept. 16 /PRNewswire/ -- The Massachusetts Housing Finance Agency (MHFA), in cooperation with the Executive Office of Communities and Development (EOCD), has announced that a new round of funds is available through its Home Improvement Loan Program (HILP). Up to 400 families are expected to benefit from the $5 million new funding.
 "HILP is an important resource for low-and moderate-income families whose homes are in need of repairs or improvements," said EOCD Secretary Mary L. Padula. "The program also is a significant tool in the larger effort to revitalize and stabilize our older neighborhoods."
 HILP loans are available at the fixed interest rate of 5 percent. The MHFA has reserved half of its HILP funds for elderly homeowners and for households to make homes accessible to a disabled family member. Interested homeowners should contact local rehabilitation agencies designated by the MHFA, which will assist with completing loan applications, arranging property inspections and hiring contractors.
 Under HILP, the minimum loan amount (which may be waived if the primary purpose is for weatherization or accessibility-related improvements) is $2,500 and the maximum is $15,000. Loan terms range from six months to 15 years and are adjusted to accommodate the borrower's monthly expenses and overall debt service. Past HILP projects have included the replacement of a roof, plumbing and electrical system, as well as the installation of an outdoor elevator to make a home accessible to a disabled resident.
 "HILP is a program that homeowners -- particularly our senior and disabled citizens -- can trust for financing to maintain and upgrade their homes," said Marvin Siflinger, MHFA executive director. "We have fixed-rate loans at five percent and local agencies that will guide borrowers through every phase of the home improvement process."
 A brochure providing program guidelines and a complete list of participating agencies can be obtained by contacting MHFA's Office of Single Family Programs at 617-451-2766. Also available is information concerning MHFA's Qualified Rehabilitation Program (for loans for major home improvements in excess of $15,000) and the Get the Lead Out Program (for loans for lead paint abatement).
 -0- 9/16/92
 /CONTACT: Marty Vaananen, 617-451-3480 x254 or Charlotte Golar Richie, 617-451-3480 x256, both of MHFA; or Diane Butler of EOCD, 617-727-7765/ CO: Massachusetts Housing Finance Agency; EOCD ST: Massachusetts IN: SU:


CH -- NE007 -- 0036 09/16/92 10:49 EDT
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Date:Sep 16, 1992
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