NeighborWorks® Pocatello is offering special one percent (1%) interest rate financing for area homeowners who are in need of new or replacement furnaces. The organization is offering reduced interest rates between now and December 31, 2017 to assist area residents who need to repair or replace their furnaces in time for the cold weather. Homes must be owner occupied to qualify for the special financing and located in Bannock County. Minimum income limits also apply.
NeighborWorks® Pocatello has assisted hundreds of residents over the past 20-plus years with home improvements, including furnace replacements or upgrades as part of its rehab loan program. This program is catered to residents who may not have enough equity in their homes or where there are factors impacting their ability to qualify for traditional lender financing. The normal interest rate for the rehab loan program can be as high as five percent (5%); however, residents who qualify for this special loan program will be provided with the discounted interest rates for a limited time. Payments are amortized over a long period of time, which translates into affordable monthly payments. In some cases, home owners of very low income can have a portion of their payments deferred.
NeighborWorks® Pocatello is a certified as a Community Development Financial Institution (CDFI) and has recently received grants from the U.S. Treasury Department to help sustain its lending programs, which are catered to low and moderate income residents in Bannock County. Over the past 22 years, the organization has provided low interest financing via the rehab loan program to over 450 residents.
For home owners who qualify for the furnace replacement program:
NeighborWorks Pocatello will assist with job scopes and will help secure qualified HVAC contractors though a competitive bidding process. All work will be completed by private local contractors who are licensed, bonded and insured.
NeighborWorks® Pocatello will also borrow to home owners who are in need of other types of repairs, including new roofs, windows, insulation, electrical and plumbing upgrades, along with many other interior or exterior improvements. Although the special financing for furnaces only applies to owner occupied properties; NeighborWorks® Pocatello, in conjunction with the Housing Authority of the City of Pocatello offers rehab loans for landlords with different financing terms.