Recovery Loans Available
Finally, all the victims of Patriot’s Day storm have now something to cheer about. In an announcement, Maine State Governor John Baldacci has announced that all the victims and families, whose houses have been destroyed and damaged due to the storm, would be provided with loans at lower interest rates by the Maine State Housing Authority. These loans would be provided under the Maine Housing Disaster Recovery Loan Program.
The recovery loans are available for storm victims for the purpose of either getting their damaged house repaired or for getting it replaced. However, the interest rates vary depending on the purpose. For the purpose of home repair, a loan of $15,000 can be availed at an affordable interest rate of three percent. But, for the purpose of home replacement, the interest rates have been kept slightly higher. Victims or families can avail a loan of up to $303,000 for home replacement at an interest rate of 5.3 percent. But, the main criterion in order to qualify for a recovery loan is to have the household income within the prescribed limit. In case of York County, the house hold income level should not be more than $75,000 while in Cumberland County the income threshold has been kept at $78,000. These recovery loans have been made available for the natives of all the counties that have been declared as disaster areas by the federal government.
For York County residents, Maine State Housing Authority has entered into a partnership with Kennebunk Savings Bank. Apart from this, Maine State Housing Authority is also coordinating with various other local banks in each of the counties with the purpose of making them participate in this program.
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