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Home Repair Revolving Loan Fund

The Snow Belt Housing Company, Inc. administers three revolving loan funds on behalf of municipalities in Lewis County. The Village of Lowville revolving loan fund serves property owners in the Village of Lowville. The Town of Martinsburg revolving loan fund serves property owners anywhere in the Town of Martinsburg. The remaining towns and villages are served by the Lewis County Revolving Loan Fund. All three funds are capitalized by loan repayments from previous Community Development Block Grant programs. The funds continue to operate with the proceeds from loans repaid by borrowers. Loans from the Lewis County Revolving Loan Fund are serviced by Snow Belt Housing. Programs are available for both homeowners and rental property owners.

Homeowners
Income eligible homeowners may receive a low interest loan for up to $6,000 at 3% interest to be repaid over a three to seven year period. Loans will be approved only for necessary repairs and improvements. A majority of the cost of repairs must be used to perform work that prolongs the useful life of the home and to correct substandard conditions in the home. A mortgage will be placed on the property to secure the loan. Taxes must be current and applicants must have insurance coverage on the property.

Rental Property Owners
Rental property owners may receive a low interest loan for up to $6,500 at 7% interest to be repaid over a five- to seven-year period. Tenants must be income eligible and the landlord must agree to maintain the rents at affordable levels for the life of the loan. Taxes must be current and the property must be insured. Investor owners must be unable to secure financing from any other source.

All applicants must demonstrate a willingness and the ability to repay a loan. A credit report will be obtained as part of the loan review process.

Income Limits (Homeowners and Renters)
Gross income must not exceed 80% of median income for the size of the household. Click here for the Income Limit Table.

Applications for this program are available at the Snow Belt Housing Company, Inc. office at 7500 S. State Street, Lowville, New York 13367. You may call the office at (315) 376-2639 and one will be sent to you.