Home Improvement Loan Fund
The NeighborWorks® Home Improvement Loan Program, funded by Worcester Community Housing Resources Loan Fund and Oak Hill CDC, is designed to help you build on your dream of home ownership by providing flexible financing options to complete needed home repairs.
Participants may be eligible to receive loan amounts between $2,500 and $15,000 at flexible interest rates with terms up to 7 years.
Requested repairs prioritized based upon first correcting any substantial or
immediate health or safety threat and correction of building and sanitary code
violations.
Eligible repairs include exterior and interior painting, carpentry, replacement of doors/windows, insulation and other energy saving items, plumbing repairs/updates, electrical repairs/updating, heating system repairs/updates, and roof repairs.
For more information or to apply please call the NeighborWorks® HomeOwnership Center of Worcester at 508-791-2170 or e-mail
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Down Payment Assistance Loan
Assists first-time homebuyers with overcoming the barrier of down-payment and/or closing cost requirements to purchase their first homes.
Loans are typically between $3,000-$15,000 with a 6.250% interest for terms of two to seven years.
Foreclosure Prevention Loan
This loan provides “catch up” second mortgage loans and down payment assistance related to loan modifications, forbearance, or refinancing for families in danger of owner-occupied home foreclosure.
Loans are typically between $1,000 to $10,000 and are made for terms of one to seven years.
Receivership Property Rehabilitation Loan
WCHR is working with the City of Worcester and the Worcester Housing Court to intercept rental housing units that are somewhere in the foreclosure process before they become vacant and abandoned and restore them to the market while preserving the tenancies of current renters.
WCHR provides loans to qualified entities or “receivers” who are awarded receivership of eligible properties under Community Development Block Grant (CDBG) guidelines to address serious health and safety violations.
Loans are typically up to $15,000 per housing unit and terms of up to 18 months.