elderly rehabilitation loan program

The Elderly Rehabilitation Loan program offers low interest loan for the rehabilitation of properties owned by senior citizens, 62 years old or older.  Family income cannot exceed 80% of the median income limits.

The minimum loan amount is $1,500.00 and the maximum loan amount is $5,000.00.  The Elderly Loan Program along with other liens must not exceed 100% of the assessed value.  The assessed value will be determined by a City assessment collected by Suffolk Redevelopment and Housing Authority staff person.  If an appraisal is provided by the owner it must be dated within six months of loan application and must have been completed by a certified, licensed appraiser.

The Elderly Loan Program will have an interest rate of 2% for a term of six (6) years.  The payment will consist of principal and interest with equal monthly payments.

For more information on the Elderly Rehabilitation Loan Program, please contact Community Development Department at 757-539-2100.