Connecticut to Offer Homeowners Low-Interest Loans

April 7, 2010

The state is offering $1.5 million in emergency low-interest loans to help homeowners make repairs following last week’s flooding.

The 2 percent loans will help finance repairs to basements, foundations, roofs and insulation and the purchase of appliances such as furnaces and hot water heaters that were damaged from basement flooding.

Loan amounts are capped at $20,000 for structural repair, $750 for hot water heaters and $7,000 for furnaces.

The damage must be specific to the recent floods and verifiable proof is required with photos, videos. Detailed notes and measurements are needed for documentation.

The Department of Economic and Community Development will make available the loans that will be administered by the Connecticut Housing Investment Fund.

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