Need to finance home repairs? Check Out This City Of Sioux Falls Interest Free Loan Program
It’s officially spring, which means many people are getting ready for spring cleaning and repairs to their homes.
In Sioux Falls, many homeowners can apply for a special interest-free loan to help finance some essential repairs through the Single-family rehabilitation program.
“The coating makes a world of difference; when you look at the house it looks brand new, ”said Sioux Falls owner dejae Mikkelsen.
Dejae Mikkelsen has lived in his central Sioux Falls home for almost 15 years, carrying out repairs himself over the years with a long list of issues that still needed to be addressed.
“Money was the biggest factor in not being able to do all the repairs myself. The trigger was when something finally broke and I didn’t have the money for it, ”Mikkelsen said.
But a leaflet with his water bill led him to the city’s single-family rehabilitation program.
“It was the best option,” Mikkelsen said. “No interest, no payment. When you qualify, the process is easy.
“When a homeowner renovates or repairs their home, the whole city wins, especially this block,” said Seth Peterson, housing specialist with the city of Sioux Falls.
The Zero Rate Deferred Loan Program has helped hundreds of homeowners in Sioux Falls over the past 25 years.
“They never have to make any payment until the house is sold. So when the house sells or transfers title, that’s when we get the initial financing back. With that, when we get that funding back and then invest it in another owner, ”Peterson said.
Anyone who is at 80% of median income or less is eligible to apply for a loan of up to $ 25,000 to perform emergency or necessary home repairs, regardless of their credit history.
“Replacing roofs, replacing windows, siding, things like that that keep homes safe and hygienic,” Peterson said.
“All the siding is new, they actually had to replace all the window frames, they were crusty and decrepit frames, this was actually raised about a foot and a half, all the foundation around the entire perimeter home, ”Mikkelson said, pointing to the repairs he was able to make through the single-family rehabilitation program.
Repairs that took a lot of stress from Mikkelsen while adding a great sense of pride to her long-standing home.
“I used to feel a little dread when I drove to my house,” Mikkelsen said. “But now it’s a very different story. I love driving to my house because it is one of the nicest houses in the neighborhood.
Applications are accepted at any time of the year. On average, the city helps fund repairs for 40 to 75 homes through the program each year.