Financial Assistance Program

This program is funded by the City’s Community Development Block Grant program. It provides financial and technical assistance to eligible low and moderate income households to perform repairs necessary to correct code violations and bring the home into compliance with Minimum Housing Quality Standards. Financial Assistance Program Application.

Eligible Applicants

Applicants’ gross annual household income cannot exceed 80% of the median family income for New Bedford as determined by HUD.

Eligible Activities

This program is designed to help eligible applicants correct code violations, including but not limited to lead paint abatement, weatherization and heating, plumbing, electrical and roofing deficiencies.

Financing/ Interest Rates

Financing includes a grant that is equal to 25% of the amount of assistance, up to a maximum of $2,500 per building. The remaining portion will be a low interest loan at 3%, secured by a recorded mortgage. In the case of extreme hardship, a 0% deferred loan may be provided.

Funding

Maximum loan amounts are as follows:

Single family $24,000
Two family $40,000
Three family $50,000

SearchSearch