MaineHousing Can Help Repair, Replace Homes Affected by Patriot’s Day Storm

Low-interest rate loans available

Maine offers low interest rate loans to help people whose homes were damaged or destroyed by the Patriot’s Day storm, MaineHousing Director Dale McCormick reminded Maine homeowners today.

“Homeowners who live in one of the counties declared federal disaster areas and whose homes need repair or replacement because of the storm’s damage should check with MaineHousing or one of our participating lenders to see if they qualify for one of our low-cost disaster relief loans,” McCormick said.

The federal government has declared the counties of Androscoggin, Cumberland, Franklin, Hancock, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset, Waldo, Washington, and York as disaster areas.

McCormick noted that federal disaster assistance is approved only for publicly owned property in some of the counties that have been declared disaster areas, but MaineHousing loans are available through participating lenders for private home repair or replacement in all of them.

MaineHousing offers repair loans of up to $20,000 at a 3 percent interest rate. Homeowners have 16 years to repay, with no payments or interest due during the first year. Homeowners with incomes up to $78,000 are eligible. Eligible homes include single-family homes, condominiums, homes of four units or less if the owner lives in one of the units, and mobile homes.

For more information on this article please visit www.maine.gov.