As a result of interest reduction by Capitol Federal, the 2% interest rate loans are available through the City of Wichita’s Home Improvement Loan Program (HILP) to assist eligible applicants rehabilitate their homes.
In 2001, the City of Wichita and Capitol Federal entered into partnership to provide low-interest loans through the Home Improvement Loan Program (HILP). In the program, the City buys-down the interest of the loans, up to a maximum loan amount of $15,000, to rehabilitate housing which is owner-occupied and located within the City’s Redevelopment Incentive Area. This area includes neighborhoods bordered by I-235 on the west, Pawnee on the south, Hillside on the east, and 25th Street on the north. Funds may also be spent in the remaining Local Investment Areas that extend beyond these boundaries. In addition to living within the targeted area, an applicant’s gross household income must be within 80% of HUD median income limits per family size.
Loans will be at a 2% interest rate after the City’s buy-down. The City’s Neighborhood Improvement Services program still has $30,000 available to buy-down interest rates, which will be allocated to eligible homeowners on first-come basis until all funds are expended.
Applications may be picked up at the Housing Services Department, located at 332 N. Riverview, and returned to the same location. Neighborhood Improvement Services will then refer eligible applications to Capitol Federal for review.
For more information, contact: The Housing Services Department’s Neighborhood Improvement Services program at 462-3712.
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