Low-Interest Loans Offered For Flood Work
FROM FOR THE RECORD (Friday, March 15, 1996): A home improvement loan program made available through the Silver Valley Economic Development Corporation is available for any homeowner meeting certain income guidelines. A story in Thursday’s paper incorrectly reported the purpose of the loans.
A new low-interest loan program for repairing flood-damaged homes is available through several regional banks, the Silver Valley Economic Development Corporation said Wednesday.
The loans are funded in part by a grant from the Federal Home Loan Bank of Seattle. Bank of America, First Security Bank and West One Bank have also pledged funds to the program.
The money will be used to reduce interest rates to 3 percent.
“This will give homeowners an opportunity to repair their homes so they are more liveable,” said Bank of America manager Marlene Martin. Typical flood-repair projects include new roofs, electrical and plumbing work, furnaces, water heaters, painting and other work.
Single people with annual incomes of less than $15,060 are eligible for the program, with higher incomes allowed for larger families.
Anyone wishing to apply should call the Silver Valley Economic Development Corp. at 752-5511. Applicants should bring copies of their last two annual income tax returns and copies of payroll stubs. The corporation will determine eligibility under the income guidelines, and the banks will determine whether the applicant meets credit guidelines. , DataTimes