FORGIVABLE LOAN PROGRAM
At the current time, PHR is offering three loan products to support and reinforce the strengthening of Park Heights through innovative and flexible financing options that produce and promote positive community development.
Our Home Improvement Loan products include:
- Forgivable loan for homeowners under 30% Area Median Income (AMI)
- Forgivable loan for homeowners between 31% – 50% Area Median Income (AMI)
- Forgivable loan for Senior/Disabled Homeowners
Term/Period of Affordability: 10 years Interest 0% – Interest shall not be charged on the outstanding principal balance of the loan during the term of the note.
Repayment: Repayment of the loan shall be forgiven if the Maker owns or occupies the unit as its principal residence for a period of not less than ten (10) years from the date hereof (the period of affordability).
|Low Income Limits (80%)||$44,880||$51,200||$57,600||$64,000||$69,100||$74,250|
|Very Low Income Limits (50%)||$28,750||$32,850||$36,950||$41,050||$44,350||$47,600|
|Extremely Low Income Limits (30%)||$17,250||$19,700||$22,200||$24,650||$26,600||$28,600|