Home Modifications
For Persons With Disabilities Loan Program
A Collaboration of
the Massachusetts Rehabilitation Commission (MRC)
And
Community Economic Development Assistance Corporation (CEDAC)
Through the efforts of the Massachusetts Rehabilitation Commission (MRC) and
disability advocates throughout the Commonwealth, a new loan program for home
modifications has been established. The Massachusetts State Legislature approved
funding for the Home Modifications Loan Program for Individuals with
Disabilities through a bond providing 10 million dollars over the next five
years. The intent of this newly funded program is to provide loans for
modifications to the primary residence of elders, adults with disabilities and
families who have children with disabilities. Examples of modifications that may
be eligible under this program include the installation of sensory adaptations,
lifts, ramps, wheelchair access, grab bars, and egress adaptations. Deferred
Payment Loans of $1,000 to $25,000 will be made available at 0% or below market
rates (including all costs of consultation and loan fees). Based on income
eligibility, borrowers may be eligible for a below market rate Amortized Loan.
The Massachusetts Rehabilitation Commission (MRC) expects to serve an estimated
200 eligible households annually.
The Program
The loan program is a newly established state funded loan program that provides
loans for access modifications to the principle residence of elders, adults with
disabilities and families with children with disabilities. The intent of the
program is to allow people to live independently in their communities.
Facts
This loan program lends money to homeowners to modify their homes to allow equal
access for individuals with disabilities in their primary, permanent residences.
There are six agencies throughout the state that provide the funding and
administration for the underwriting of the program.
Figures
Based on income eligibility, from $1,000 up to $25,000 (inclusive of all costs)
may be loaned in a Deferred Payment Loan (DPL) or Amortized Loan secured by a
promissory note and/or a mortgage lien. A DPL is due upon sale or transfer of
title of the property. Low interest amortizing loans require monthly payment
schedules but will be offered at below market rates.
Eligibility
Any homeowner who has a disability, has a household member who has a disability
or rents to an individual(s) with a disability may apply for this loan. Income
requirements will be based on the total household gross income of the homeowner.
Any household in a property with less than ten units may be eligible. The owner
of the property must apply. The unit requiring modifications must be the
primary, principle residence of the individual(s) with the disability. The
modifications to be made to the residence MUST be necessary to allow the
beneficiary to remain in their home and MUST specifically relate to the
functional limitation caused by the disability.
More information at: http://www.state.ma.us/mrc/agency/homemods.htm
| 
