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Funds available for home improvement

The city wants more participation in a program that helps lower-income households get loans to repair property, especially in older areas.

By LORRI HELFAND
Published April 10, 2006

LARGO - The city is offering low-interest second mortgages to help residents pay for home repairs.

Through the program, lower-income households will be eligible for funds for a variety of projects.

Money can be used to replace roofs, improve energy efficiency, improve accessibility for the disabled and repair electrical, plumbing and structural problems.

Largo is offering about $750,000 in assistance citywide. But an additional $300,000 has been allocated just for houses in older neighborhoods near the city's downtown redevelopment areas.

So far this year, a handful of people have applied for the Housing Rehabilitation Program. But the city wants more participation, especially from people who live in Largo's older neighborhoods near West Bay Drive and between the Pinellas Trail and Missouri Avenue, said Housing Manager Matt Anderson.

"We haven't got enough people to use money earmarked for the target area," Anderson said. Those applicants will be given priority, he said, as well as those with the lowest income and highest need.

Since 1984, the city's program has provided money to repair 550 homes, Anderson said.

Residents who participate can choose their own contractors or pick one from a list supplied by the city. Costs for repairs must be within 10 percent of the city's cost estimates for each job.

Monthly mortgage payments will be based on income and the ability to pay.

Loans range from no interest to 2 percent, depending on an applicant's income. Currently, the maximum assistance for each applicant is $50,000, Anderson said.

Good credit is not an issue, but key bills, such as property taxes, insurance and other mortgage payments must be up to date.

For information, call the city's Housing Division at 586-7489 and select option 5 or request an application by e-mail to housing@largo.com Applicants can qualify for the loans if their annual income does not exceed:

$30,450 for a 1-person household.

$34,800 for a 2-person household.

$39,150 for a 3-person household.

$43,500 for a 4-person household.

$47,000 for a 5-person household.

[Last modified April 10, 2006, 01:54:16]