MCCI is pleased to announce that as of April 2013, it has been approved as lender in the MASSHOUSING a GET THE LEAD OUT program. The program helps homeowners with low cost funds to assist them in dealing with lead removal.
MASSHOUSING GET THE LEAD OUT is subject to certain requirements. Here is a brief description of some of the areas covered by the program:
Case Managed/Court Ordered Loan – 0% deferred
- Once eligibility is established, the loan can proceed.
- No payments are due on this loan
- Loan becomes a lien on the property that must be paid off when the owner sells, transfers or refinances
- The loan does not disappear after a certain period of time; the homeowner will always be responsible for repayment, and the loan cannot be assumed by third parties.
- Can occur in any income eligible, owner- occupied 1-4 family residence with lead paint
- Homeowners at or below 100% of the Area Median Income (AMI) receive a 2% interest rate
- All preventative loans are amortizing, which means that there will be payment due starting the month after the loan closes.
Property Eligibility Guidelines
- 1-4 family residence properties
- No commercial or mixed use space
- No temporary shelters or rooming houses
- Financing is limited to 8 units per investor or non–profit
- Borrower must own the property; no trusts or life estates
Maximum Loan Amounts
- Single Family $30,000
- Two Family $35,000
- Three Family $40,000
- Four Family $45,000
- Minimum loan amount on any size property is $3000.