The City of Stayton has set up a housing rehabilitation loan program using federal Community Development Block Grant funds.
The city program is offering low-interest, deferred- payment loans of up to $25,000 for homeowners within the city limits. Borrowers must meet income requirements, generally defined as being under 80% of the median income for Marion County.
Loans can help pay for repairs such as roofing, plumbing and electrical, carpet and linoleum, painting, dry rot, foundations and other eligible repairs.
During the first five years of the loans 4% interest accrues, but there are no monthly payments. The loan does not need to be repaid until you sell your home. At that point the loan is repaid from the proceeds of the sale.
Money is available on a first-come, first-served basis, with the loans administered by the Mid-Willamette Valley Council of Governments in Salem. Call John Schmidt at 503-540-1640 to apply or for more information.
– James Day
