In response to the devastation and damage that Hurricane Sandy has done to our local communities, AAFE Community Development Fund is launching a new emergency home repair loan program for homeowners in New York City.
Eligible items to be repaired through this loan include:
– Replace/ repair damaged roof
– Replace/ repair damaged window/entry door
– Boiler replacement / repair facade
– Other repair items will be assessed on a case-by-case basis
Loan Maximum: $20,000
Loan Minimum: $5,000
Terms: 1 to 5 years. No prepayment penalty
Interest Rate:
4% Annum
3% Annum for seniors over 62 years and disabled
3% Annum if repairs are conducted by certified green specialist
Credit: 620+
Income Limit: None
Property Eligibility: 1-4 family homes
Location Limits: 5 boroughs of New York City
Required Documents:
– Complete loan application
– ID (government issued with photos)
– Proof of ownership (Deed)
– Proof of damage(s) (before pictures)
Expiration Date: December 15, 2012
For more information on this emergency loan program: http://aafecdf.org