GREAT FALLS — The City of Great Falls offers an emergency loan program for low-income homeowners and landlords of low-income tenants.
The program is designed to address emergency needs such as water, sewer, heat-related issues, and other items deemed emergency in nature by the city's Planning & Community Development.
OVERVIEW OF PROGRAM REQUIREMENTS
- The property must be within the City limits of Great Falls.
- Mobile homes are not eligible unless attached to a permanent foundation.
- The loan must be securable by the City with not less than a second mortgage position.
- Applicant will sign a Promissory Note in addition to the Mortgage.
- Property must be insured for the life of the loan.
- All utilities and property taxes must be current.
- Total Loan to Value, including the City’s loan, must not be more than 100% of the property value.
- If program funds become limited, projects will be selected by the City’s Grant Committee on a "needs" basis.
- All City code and zoning requirements must be met.
- The full loan amount is due and payable to the City upon any transfer of title from the loan recipient(s).
- Eligibility of meeting a low to moderate income benefit is based on income of the applicant for residential or tenant for rental properties.
- Properties built prior to 1978 are subject to Lead requirements.
There are limited funds available and are on a first come, first serve basis to eligible applicants. Click here to learn more.
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