Pierceton Seeks Funds For Housing Rehabilitation
July 28, 2016 at 4:25 p.m.
PIERCETON - The sound of hammers and saws may soon be ringing throughout the town replacing roofs and windows and shoring up sagging porches if funds being sought by the town are awarded by state and local agencies.
Jerry Kreger, president of the town council, heard from Catharine Walker, director of Housing Opportunities of Warsaw, Thursday and, while no decisions were made, the groundwork was laid for owner-occupied housing rehabilitation grant applications.
Council members Terry Hill and Ron Hall were absent.
To secure a $200,000 grant from the Indiana Housing Financing Authority, Walker explained, a 10-percent match of $20,000 must be made.
An application for the Kosciusko County Foundation grant is written and will be forwarded to the foundation if approved by a full quorum of council members. KCF announces awards April 1 and Oct. 1. The town has about $2,000 set aside for the project.
The grant would provide rehabilitation of approximately nine to 12 homes in Pierceton and should run for two years after the award.
Two homeowners attended the meeting, saying their house needed a new roof, insulation and windows.
Walker said a pre-application process could begin in March to generate a waiting list.
"This isn't a real application," she said. "HOW must verify everything and the real application includes an interview."
Walker said the town council or their appointees would act as a loan committee.
"You'll hear some really sad stories," she said. "And there will be people you want to help but cannot."
She related several examples, saying someone who has a $50,000 home may have $45,000 worth of liens on it already.
She said one woman had $18,000 worth of credit card debt when she first approached a loan committee and was asked to reduce her debt by half; she did and was able to reapply and bring her house up to code.
"We're trying to increase the equity in the home, the value," Walker said.
The project is designed to help low- to moderate-income households borrow money at a low interest rate.
Anyone interested in applying for the loans or volunteering for the program can contact Kreger at 594-2192. [[In-content Ad]]
PIERCETON - The sound of hammers and saws may soon be ringing throughout the town replacing roofs and windows and shoring up sagging porches if funds being sought by the town are awarded by state and local agencies.
Jerry Kreger, president of the town council, heard from Catharine Walker, director of Housing Opportunities of Warsaw, Thursday and, while no decisions were made, the groundwork was laid for owner-occupied housing rehabilitation grant applications.
Council members Terry Hill and Ron Hall were absent.
To secure a $200,000 grant from the Indiana Housing Financing Authority, Walker explained, a 10-percent match of $20,000 must be made.
An application for the Kosciusko County Foundation grant is written and will be forwarded to the foundation if approved by a full quorum of council members. KCF announces awards April 1 and Oct. 1. The town has about $2,000 set aside for the project.
The grant would provide rehabilitation of approximately nine to 12 homes in Pierceton and should run for two years after the award.
Two homeowners attended the meeting, saying their house needed a new roof, insulation and windows.
Walker said a pre-application process could begin in March to generate a waiting list.
"This isn't a real application," she said. "HOW must verify everything and the real application includes an interview."
Walker said the town council or their appointees would act as a loan committee.
"You'll hear some really sad stories," she said. "And there will be people you want to help but cannot."
She related several examples, saying someone who has a $50,000 home may have $45,000 worth of liens on it already.
She said one woman had $18,000 worth of credit card debt when she first approached a loan committee and was asked to reduce her debt by half; she did and was able to reapply and bring her house up to code.
"We're trying to increase the equity in the home, the value," Walker said.
The project is designed to help low- to moderate-income households borrow money at a low interest rate.
Anyone interested in applying for the loans or volunteering for the program can contact Kreger at 594-2192. [[In-content Ad]]