Applications: Available for new homebuyers and new homeowners up to six (6) months from date of purchase.
Location: Properties located in Northern Park Heights neighborhoods (check map for exact boundaries)
Sales Price: Maximum contract sales price of $300,000
Use of Funds: Maximum 1/3 of the loan for settlement assistance ($5,000).
Loan Terms: 0% Interest
Monthly Payment: $83.33 for 15 years
CHAI loans require owner occupancy and two guarantors. The loan is recorded as a 2nd mortgage. Loan applications are available once there is a signed sales contract on the property.
Renovations must be approved in advance by CHAI and may include, but are not limited to:
• Kitchen upgrades/remodeling
• Bath and/or basement improvements
• HVAC upgrades
• Replacement windows or doors
• Floors: refinishing of hard wood, carpeting installation or tile
• Electric and plumbing upgrades
• Exterior painting or siding
• Steps and sidewalk repairs
• Gutter and downspout replacement or repair
2. Energy Savings Loan
Due to the high program demand, CHAI has limited funds remaining. Therefore, CHAI is suspending the acceptance of Energy Savings Loan applications.
If you have a completed application ready to submit, we will put you on an email contact list and inform you, if or when the program will resume accepting Energy Savings Loan applications.
You may Email: email@example.com
3. Healthy Neighborhoods Loans and Incentives
Available for people who want to buy, modernize or make improvements to their home.
For more information, contact Homeownership Services at 410-500-5309.