Tuesday, August 19, 2008

Pottstown's Homeowner Initiative Program

Pottstown borough offers grants to those who buy a home split into rental units and return the home to a single living unit.
The money for the grants comes from revitalization grants awarded to Pottstown, according to information on the borough's Web site.
Grants are only awarded to home purchasers in certain areas of the borough. A boundary map is available on Pottstown borough's Web site.
The loan is forgiven if the homeowner lives in the house for seven years. No payments are required in that time.
"If the owner wants to refinance during the first seven years, the borough will subordinate its lien position in order for the financing to proceed. The homeowner is required to pay $200 for each subordination and for early termination/pay off of the loan," according to the borough's Web site.
Homeowners can apply for the grant within the first year of owning the property.
Up to $10,000 in forgivable loans are offered for single-family homes and up to $45,000 is offered for multi-unit homes that include the removal of two units, with $10,000 offered for each additional unit removed. A maximum of $55,000 is offered.
Quotes for the work must be submitted with each application.
For more information on the Homeowner Initiative, including an application and detailed instructions on how to apply, visit http://www.pottstown.org/Economic-documentLaunchingPage.html#

Labels: ,