Some Streator residents eligible for home improvement reimbursement – MyWebTimes.com

Streator homeowners within a designated area of the city can now seek reimbursement for physical improvements.

The program, financed principally through the Federal Home Loan Bank of Chicago, permits eligible homeowners to receive up to 50 percent reimbursement for upgrades, such as new siding, roof and porch repairs, foundation and other masonry repairs, HVAC repairs and replacement, window replacement, electrical and plumbing upgrades, as well as other structural enhancements that improve the appearance of the house and neighborhood.

The target area is bounded on the north by Stanton Street, on the south by Lundy Street, on the east by the Burlington Northern Santa Fe railroad tracks and on the west by the Vermilion River.

"To apply an applicant must own and reside in the property that they are applying for within the target area," said City Engineer Jeremy Palm. "The application is one page and requires the submission of a written project plan and contractor estimates. The project has a primary focus on home owners who make less than 80 percent of the average median income for the area."

The average median income is $60,100, meaning 80 percent less than the average would be $48,080.

Palm said selection is on a first-come, first-serve basis.

Once a project is approved, most applicants will obtain a loan from a participating financial institution for the full amount of their planned improvements.

If the final improvements are completed in accordance with city requirements, half of the loan is reimbursed, up to $7,000. This means a homeowner could complete $14,000 worth of home improvements for $7,000, plus interest.

Obtaining a loan is not required; if a homeowner is able to pay their half of the project cost without obtaining a loan, they can obtain the same reimbursement. Repayment of a portion of the reimbursement may be required in the event the home is sold in less than five years following reimbursement.

Applications are available at City Hall, 204 S. Bloomington St.; Centrue Bank, 201 E. Main St.; Streator National Bank, 409 E. Bridge St.; and Streator Home Savings Bank, 132 S. Monroe St.

In addition to meeting the building code and eligibility requirements of the program, applicants needing a loan will have to meet bank requirements for their loan.

The city has three years to fully disburse the grant funds. If, as the city anticipates, the money is exhausted within 36 months or less, the city plans to apply for additional funding through the Federal Home Loan Bank, and hopes to make the program available to other neighborhoods.

For questions, contact Palm at 815-672-2517, ext. 236.

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Some Streator residents eligible for home improvement reimbursement - MyWebTimes.com