Beginning July 1st, 2020, the City of Oelwein will begin offering residents a new funding source to finance needed home repairs and improve residential neighborhoods and livability of single-family homes. The Home Rehabilitation Revolving Loan Fund (RLF) Program provides low interest loans to residents meeting eligibility criteria.
The City recognizes the entire community benefits when everyone has stable, decent, and affordable housing. The intent of this program is to expand on existing efforts targeting low income households by offering the same opportunities to residents across a broader range of socio-economic statuses. Residents with up to 150% of the MHI for Fayette County are eligible to apply for assistance.
Establishing a dedicated, self-funded program provides greater stability and flexibility to successfully grow a community and meet the housing needs of its current and future residents. This freedom will allow tailoring of the program to the exact needs of the City of Oelwein.
The minimum loan amount is $1,000 and the maximum amount is $15,000. Interest rates range from one to four percent. Homeowners with household income greater than 100% of the Fayette County median income will be required to provide matching funds of 10-25% of total project costs. Both interest rate and match funds are determined by household size and income level.
UERPC will administer the program on behalf of the City. Applications will be accepted by UERPC on a continuous basis. Applications can be obtained at the Upper Explorerland Office at 134 West Greene Street, Postville, at City Hall, or by phone at 563-864-7551. You can also obtain an application online at www.uerpc.org or www.cityofoelwein.org.
Interested parties should contact Lee Balik at UERPC at 563-864-7551 with any questions or to be sent an application packet.