In 2021, just one person took Montclair Township up on its then-new program offering of a $24,000, no-interest, forgivable loan for home repairs.
Township spokesman Katya Wowk said this year, the township is hoping to connect with more people whose homes could benefit from work that brings them up to code, that conserves energy or that removes health and safety standards.
The township has set aside $250,000 in its housing trust fund for the initiative. An announcement for the program said the funds come through development fees. That total is enough to make at least 10 awards this year.
“We want to use all avenues this year to get the word out, to see more successful applications for this program,” Wowk said.
In order to qualify for participation in the program, at least one of the following major systems or structures must be in need of replacement or substantial repair: A roof, foundation, insulation, plumbing (including sanitary plumbing), heating system, electrical system, load-bearing structural system or weatherization (such as windows, doors or insulation.
To be eligible, an individual must own a residential property and provide a copy of the recorded deed. The property taxes and, if applicable, mortgage must be paid up to date prior to application.
The individual must also have homeowner’s insurance.
Income limits apply, and are updated each year. A household of one person can have up to a maximum income of $60,265, and a household of eight people can have a maximum income of $113,642 people. A full breakdown for housing sizes as at MontclairNJUSA.org, under the menu items for “Government,” “Planning & Community Development,” then “Montclair Home Improvement Program.”
If a home has repairs or renovations that required municipal permits already underway, that work must be completed and the permits closed out before applying.
There is no cost to apply, and the program doesn’t affect an applicant’s credit score.
The funds are provided as a 10-year, no-interest forgivable loan, with no monthly payments required. The loan is forgiven if the homeowner maintains the title and occupancy for the 10-year period.
A pre-application is at the municipal site, or by contacting 609-664-2781 or [email protected]
— Montclair Local