Home Modification Loans by MRC

A new program for home loan modifications has been established by the combined efforts made by Massachusetts Rehabilitations commission (MRC) & many disabilities advocates throughout commonwealth. The funding of the Home loan modifications program for people with disabilities was approved by the state legislature of Massachusetts through a certain bond which provides $10 million for next five years. One of the main aims of this program is provision of modification loans to the primary residences of the disabled, families having children with disabilities and old aged people.

A few examples of the modifications which will be financed under this scheme are the installation of ramps, wheel chair access, grab bars, lifts, sensory adaptations etc. Deferred loans of 1000 dollars to 30000 dollars will be available to the eligible people at zero percent interest rates or at below market interest rates, these rates will include all consultation charges & loan fees.

Based on eligibility of income, the borrowers will be easily eligible for Amortized loans below market rates. The MRC is expected to serve an estimated 200 households who are eligible, annually.

The program:

This loan scheme is a recently established Loan program funded by the state, which gives loans for necessary modifications to primary and the principal residences of people with disabilities & elders. The program allows the disabled people to live in their communities independently.

The Facts:

This program allows easy lending of money to house owners in order to allow them to do necessary modifications in their homes for allowing equal and easy access for disabled individuals in their permanent primary residences. There are seven main agencies throughout the state which take care of the administration and funding for the underwriting of this program.

Figures

Based on eligibility of income, from 1000 dollars to 30000 dollars can be lent as deferred loan or amortized loan after being secured with a promissory note or mortgage lien. A deferred loan is due upon the transfer or sale of the property. Schedules for monthly payments are required for amortizing loans at low interests, but these are offered below the market rates.

Eligibility

Any house owner having disabilities or having household member with disabilities or those who have rented their house to individuals with disabilities can apply for the loan. Income requirements are based on the total gross household income of the house owner. Any household in a property of below 10 units might be eligible for this program, but the applicant should be the owner of the property. The unit requiring the modifications should be the primary residence of the disabled and the modifications made should necessary for the person benefitting from them to remain in the house.

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