Woodburn shares details on homeowner rehabilitation loans

On Friday the city of Woodburn elaborated on the homeowner rehabilitation loans that have been made available to qualifying low-income households within Marion County through the Mid-Valley Council of Governments.

Woodburn spokesman Tommy Moore clarified that to qualify a home must be located within Marion County, but outside the city limits of Salem. It must also be the primary residence of the borrower and not used as a rental or vacation home.

Details of the zero-percent loans are as follows:

• Up to $50,000 in a partially forgivable loan;

• Years 1-5 the full amount is repayable if the home is sold or transferred;

• Years 6-10, 14% of the original loan amount is forgiven each year;

• After 10 years, the remaining 30% is payable when the home is sold or transferred;

• The loan can be used for repairs such as roofing, windows, structural repairs, HVAC systems, replacing a water heater, accessibility improvements and the like.

The program is subject to local HUD income limits based on household size. For current income limits.

For information, contact John Schmidt at the MVCG, (503) 540-1640 or (503) 588-6177 or jschmidt@mwvcog.org. Homeowners can apply at https://shorturl.at/ALV06.