The Austin HRA has expanded its current CHIP loan program designed to focus on helping existing home owners with potential home remodels. The program provides low-interest loans to income eligible, owner occupied homes for property improvements. Effective 01/01/2021.
Loan Guidelines
- Maximum loan amount $25,000
- Interest Rate 2%
- Limit loan to 10 years
- A lien shall be placed on the property by the HRA for the loan amount
Examples of Possible Projects
- Additions
- Remodels (Kitchen, bathroom, basement, etc)
- Deck/patio
- New garage
- Update/Improve interiors
Income Limits
| Household Size | Income |
|---|---|
| 1 Person | $65,000 |
| 2 Person | $75,000 |
| 3+ Person | $85,000 |
Owner Responsibilities
- Owner shall complete a program application
- Property must be owner occupied
- Property tax payments must be current or have an approved
- payment plan with Mower County
- Owner must have Homeowners Property and Liability Insurance
- Either the Homeowner or Contractor is responsible for getting
- the required Building Permit from the City of Austin.