October 6, 2023

Tacoma's Loan Program to Help Tacoma Residents With Repairs

Tacoma's Loan Program to Help Tacoma Residents With Repairs

York Enterprises helps a variety of Tacoma homeowners with home remodeling projects of all shapes and sizes. Not all of them need to be luxurious upgrades. Some clients simply need to repair or improve something in their home to keep them safe and habitable. This might mean patching hazardous holes in floors, replacing a heating system or fixing a dangerous electrical panel before it leads to a fire.

In these tough times your family may not have the financial means to repair a worrisome defect in your home. However if you ignore and neglect the issue, the situation will only get worse down the line, possibly leading to disaster. 

We at York Enterprises would like to share another program to help Tacoma residents in need of home improvements but might not be able to afford the cost. The City of Tacoma offers a Single Family Residence Homeowner Occupied Rehabilitation Loan program, designed to assist low and moderate-income Tacoma homeowners in preserving the quality and stability of your home. 

Making repairs to Tacoma resident's home

Loans to help you repair or upgrade your home range from $15,000 to $60,000 and are available to you if you are the owner-occupier of a single family residential home property in Tacoma. You must earn 80% or less of the area median income (see chart below) and the loan may be used for home repairs that are necessary to maintain your health and safety.

The loan carries a one percent (1%) simple interest and, depending on the condition of your home or income level, you may not require a monthly payment. You may even qualify for a zero percent deferred 20 year loan if you meet certain criteria. 

With your loan in place, the team at York Enterprises can help you fix a variety of home improvement issues including, but not limited to:

  • Roof replacement
  • Exterior and interior painting
  • Window replacement
  • Door and window screen repair or replacement
  • Upgrades to improve security
  • Carpet and flooring replacement
  • Heating and air system replacement
  • Electrical work
  • Sewer repair or installation
  • Termite and pest repair
  • Repair/replace concrete sidewalks, driveways, and ADA ramps

Like we said, in order to qualify your household must be earning under 80% of the area median income based on the under of its occupants.

This program is completely voluntary and is offered on a first-come, first-serve basis while funds are available. If your Tacoma home is in need of health or safety repairs and you feel like you meet the requirements, visit the City’s website here to ask any questions you may have and apply for the loan program. keep in mind the numbers on the website are outdated and we recommend contacting the city.

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