Residential Rehabilitation Program, Streamwood, Illinois (IL)

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Residential Rehabilitation Program

The Community Development Block Grant (CDBG) Residential Rehabilitation Program assists homeowners in bringing their houses up to the Village's Building and Property Maintenance Codes. It is specifically designed for low and moderate income homeowners who may not otherwise be able to make necessary repairs to their property. The Community Development Department administers and distributes the funds used for approved housing rehabilitation activities through zero percent (0%) interest loans.

How Does The Program Work?
What Repairs Can Be Made?
Who Is Eligible For Assistance?
What Type Of Aid Is Available?
Isn't It Better To Get A Home Equity Loan?
How Do I Apply?

How Does The Program Work?
Homeowners who have lived in the Village for more than one (1) year may complete a pre-application form. This form will place you upon a waiting list for verification. Currently, the waiting list is approximately one year. Verification ensures that the homeowner is income qualified at the time of the rehabilitation.

An inspection of the verified homeowner's house is conducted by the Community Development Department. This inspection details all of the code violations required to be repaired. The Village creates a specifications booklet which is used by licensed contractors to bid on the renovation. The Village will determine the lowest, most responsible bidder based on this specification booklet.

What Repairs Can Be Made?
The Community Development Department will conduct an inspection on each house to note all code violations. These violations are then detailed for repair or replacement. A wide variety of work can be completed upon your home, including:

replace windows and doors
replace soffit, siding and fascia
new furnace and/or water heater
repair or replace a roof
renovate your bathroom or kitchen
upgrade your electrical service
sewer clean-out and renovation

Who Is Eligible For Assistance?
Eligibility is based on two factors. First, is homeownership. Applicants must be homeowners who have lived in the house for more than twelve months. Second, is income eligibility. The homeowner must not make more than 80% of the median income of the region based on the total number of people living in the family. For example, the total income for a family of four cannot exceed $58,000 while a family of two cannot exceed $46,400.

What Type Of Aid Is Available?
The Village is authorized to provide eligible homeowners with loans up to $30,000. The loan is secured by a lien placed on the house. The loan is only repaid when the home is sold.

Isn't It Better To Get A Home Equity Loan?
There are several advantages to participation in this program versus a conventional bank loan. The Village requires no closing costs. The loan is interest free. There are no monthly payments. And, it is only repaid in the event you sell your home.

In strictly financial terms, you'll be paying the CDBG loan back with cheaper, inflated dollars while benefiting from the increased value in your home. For example, if you acquired a 15-year, $15,000 home improvement loan today at 9% interest, you would be making $152.14 in monthly payments. The total interest paid would be $12,385. Therefore, in 15 years, you will have paid $27,385 for your $15,000 loan. With the CDBG Residential Rehabilitation Program, you pay nothing until you sell your home. And, then, you repay only the original $15,000.

How Do I Apply?
Obtain a Pre-Application form from the Community Development Department, or you can print a copy from the Forms and Applications page in the Reference Desk section of our website. Once it is received, you will be placed on our waiting list. A formal application meeting is scheduled when your name comes to the top of the list. The waiting list is approximately one year. At that time, we will require information to verify your income qualifications.

For more information, contact Gloria at (630) 736-3800 Ext. 3833.

Village of Streamwood
301 E. Irving Park Road
Streamwood, IL 60107-3096
(630) 736-3800

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