LOW COST ASSISTANCE FOR RENTAL PROPERTY IMPROVEMENTS

The city of Arvada and FirstBank have teamed up again in a continuing program to provide financial assistance to private rental property owners for the rehabilitation and improvement of smaller rental properties in the city. FirstBank is continuing a three-year cooperative effort with the city by which up to $3,000,000 will be made available by FirstBank during that term for the program. The Rental Improvement Loan Program is a cooperative effort by FirstBank of Arvada, FirstBank of Wheat Ridge, FirstBank North, and the city of Arvada to help rental property owners improve properties located within a targeted area of Arvada.

Funds have been made available to assist the owners of rental single family houses, condominiums, town homes, and duplexes with lower cost rehabilitation and improvement loans as well as flexible underwriting. In the past, city officials involved in addressing housing needs found that it is very difficult for the owners of rental single family, townhouse, condominium, and duplex rental dwellings to secure affordable and practical financing for housing rehabilitation on those dwellings. The agreement provides for low interest loans up to $50,000 with flexible five- or ten-year repayment terms. No public subsidies are involved. The loans are offered with no appraisal fees, no closing costs, no document fees, and no loan origination fees. The homes must be brought up to specified standards.

The city provides, if needed, initial work write-ups that must be completed to insure full disbursement of the loan amount. According to Ed Talbot, Manager for Housing and Neighborhood Revitalization with the city, "This joint effort between the city and FirstBank provides extremely attractive financing with minimal upfront costs to owners of smaller size rental properties to allow them to maintain and improve their investments. At the same time, those improvements to rental properties can make for better living environments for renters and help maintain the quality of our residential neighborhoods. It is an excellent program that is simple to use."

Those interested in applying for the program or who desire further details should contact FirstBank of Arvada at 303-422-3000, or the city of Arvada at 720-898-7498.