Cactus Village Community

Build or Improve with the Home Improvement Loan Program

Jul 10, 2003

Had enough of that harvest gold carpeting? Having dreams about a new kitchen? The city?’s Home Improvement Loan Program can turn dreams into reality. Since its inception in 1988, more than 1,500 people have borrowed more than $14 million to fix-up and add-on.

The program is administered by the Neighborhood Services Department in partnership with Wells Fargo Bank and Neighborhood Housing Services of Phoenix Inc. Home owners with incomes in the low-to-moderate range can borrow up to $25,000 to pay for home improvements such as installing a new roof, fence or evaporative cooler, updating electrical or plumbing systems, remodeling a kitchen or bath or building a room addition. It?’s a low-interest loan: the city contributes a grant or subsidy that reduces the interest rate by 3.25-percent and the lender reduces the rate an additional 1-percent and waives some fees.

To qualify for the loan, you must live within city boundaries and meet income criteria. Even home owners who are not eligible for a city subsidy can still get an interest rate reduction from Wells Fargo.

To get more information on the Home Improvement Loan Program call the Neighborhood Services Department at (602) 495-0700. . . ☺