Homeowners and Borrowers

Homeowners Emergency Loan Program

Program guidelines and underwriting criteria

1. Date stamping of photos/videos, third-party inspections, and estimates for work to be done;
2. Dated receipts, canceled checks, charge statements, etc… covering work, materials, equipment rental or purchase, or work completed;
3. FEMA reports or estimates provided to municipalities to support a FEMA application may be considered.
4. Property taxes must be current.
5. Mortgage payments must be current

• The HELP program is offered until further notice to owner-occupants of 1-4 family residential properties located in CT as a supplement to CHIF’s Energy Conservation Loan (“ECL”) program.
• Loans under this program are limited to funding the cost of repairs from damages to homes that were directly caused by the storm system that impacted CT from 3/28/10 to 4/1/10.
• Activities eligible for funding under this program are restricted to storm damage to basements, foundations, roofs and associated insulation, window replacement and the purchase of replacement furnaces, hot water heaters, and sump pumps that were damaged is a result of basement flooding. Costs for related activities such as cleaning of flood damaged areas, pumps and hoses for removing water, heaters for drying, and foundation waterproofing, are also eligible. Other basement and household improvements such as flooring finishes (e.g. carpeting, tiling, hardwood), cabinetry, painting, furniture, etc…are not covered.
• Applicants must provide verifiable proof satisfactory to CHIF that the damage is specific to the spring floods experienced from 3/28/10 to 4/1/10. Methods to verify this include, but may not be limited to:

• This program is designed to help homeowners recover losses and/or conduct critical health and safety related repairs/replacements that are not covered by insurance. Therefore, applicants must document that a claim for the repairs or replacements has been paid in part or declined by their insurance company or by FEMA, if in a FEMA designated disaster community, or that they do not have insurance coverage.
• The loan terms include:
  1. Up to a 10-year term, self amortizing.
  2. Up to 2% interest, fixed, depending on income qualifications
  3. Approved loans will require a subordinate lien on the property.
  4. Prepayment is allowed at any time at no cost.
  5. No fees except for cost of recording the Agreement.
• Loan amounts are limited as follows:
  1. $20,000 for structural repair
  2. $750 for hot water heaters
  3. $7,000 for furnaces

  Note: Furnace replacement will be covered at 0% interest, regardless of income.

  1. Underwriting will include a review of the applicants’ credit history, debt-to-income ratio, insurance status and documentation of the timing and nature of the damage, as noted above.
  2. For the purposes of this program, waivers will be considered for borrower’s whose debt-to-income ratio exceeds 39%.
  3. The program is limited to applicants with household incomes at or below 200% of the Area Median Income (”AMI”).
  4. A one-year loan deferral may be considered for applicants that do not meet the financial or credit requirements but demonstrate clear health and safety needs.
  5. Property taxes must be current.
  6. Mortgage payments must be current

The application process is simple (click on "How to Apply") and CHIF's loan underwriters are available to guide you every step of the way. If you have any questions you can E-mail your questions to help@chif.org

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