Olympia will offer home rehabilitation loans to homeowners
Since the early 1990s, the city of Olympia has provided funds to make improvements to rental housing. The city announced this week that its revolving loan fund program for rental housing rehabilitation is back this year, after being relaunched last year.
The program is in partnership with Homes First, a local rental housing association. Through them, Community Development Block Grant funds are used to rehabilitate rental housing for low-income tenants.
In the past, they have replaced roofs, plumbing and more. But the city hopes to contribute more in the future, such as addressing health and safety issues and improving heating equipment, windows, siding, and more.
For landlords and rental property owners, no monthly payments are required on 30-year renewable loans. They are not refunded unless the property is sold or refinanced.
Applications for funds can be made to the city through an application process, which can be viewed online on the city’s website under the CDBG page. Applications must serve low- and moderate-income tenants, according to the release. Interested persons can also complete an online pre-selection eligibility form.
Applications are reviewed by city staff for qualifications and are dependent on funding available at the time. According to the city’s 2022 CDBG Action Plan, approximately $638,000 in funds from the state Department of Housing and Urban Development have been allocated to Olympia.
Anastasia Everett, the city’s CDBG program specialist, said the city is excited about partnering with Homes First and continuing to provide loans to keep the city’s rental properties in good repair.
“Homes First is an invaluable asset to our community, and we look forward to supporting the preservation and revitalization of Olympia’s low-income rental properties,” she said in the press release.