$25,000 available for 10-year Deferred Loan/Grant for a limited time!
The City of St. Charles has $25,000 loan/grants available for owner occupied rehab. Eligible households must:
- Live within the city limits of St. Charles
- Property is suitable for rehab.
- Homeowner’s property taxes and insurance are current.
- Property is a permanent structure.
- Homeowner does not have any outstanding judgments.
- Homeowner’s income must be at or below established guidelines
| Income Guidelines (2023) | |||
| Family Size | 80% AMI | ||
| 1 | $51,800 | ||
| 2 | $59,200 | ||
| 3 | $66,600 | ||
| 4 | $74,000 | ||
| 5 | $79,950 | ||
| 6 | $85,850 | ||
| 7 | $91,800 | ||
| 8 | $97,700 | ||
The financial assistance will be in the form of a deferred loan. The amount of the deferred loan will vary on a case-by-case basis. The deferred loans are secured with a Repayment Agreement. If the property is sold, title is transferred or is no longer the primary residence of the participant:
- Within the first 6 yrs., the full amount must be repaid to the HRA
- The amount of repayment is reduced 20% for each year until the end of the 10th year.
- At the end of the 10th year, the loan is forgiven and becomes a 100 percent grant.
| Financial Assistance | |||
| Income based on AMI | % Property Owner Match | % Deferred Loan | Max. Deferred Loan Amount |
| 0-80% AMI | 0% | 100% | $25,000 |
To apply for the St. Charles Housing Rehab Program, please click on the link in the sidebar.