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Increase the value of your home and improve the appearance of your
neighborhood with help from the Single-Family Rehabilitation Loan Program. Loans
are available to Mount Prospect residents who own a single-family home. This
program provides a maximum of $25,000. Single-Family Rehabilitation Loans are
interest free, require no monthly payments and are paid back upon change of
title or sale of the home.
Loans can be used to:
- Correct code violations
- Replace old furnaces and water heaters
- Improve storm managements systems
- Increase energy efficiency
- Make improvements for disabled persons.
Single-Family Rehabilitation Loans are available to Mount Prospect residents
who meet the following criteria:
1. The applicant must own and occupy a single-family detached home.
2. The applicant must have owned the home for one year prior to applying.
3. The property’s debt-to-value ratio, including this loan, cannot be
greater than 80%.
4. The gross annual income of the household must not exceed HUD’s low-income
limits.
These limitations are outlined below:
2008 Income Limits
| # in Household |
Gross Income |
| 1 |
$42,200 |
| 2 |
$48,250 |
| 3 |
$54,250 |
| 4 |
$60,300 |
| 5 |
$65,100 |
| 6 |
$69,950 |
| 7 |
$74,750 |
| 8 |
$79,600 |
Please keep in mind this is not a reimbursement program. The Village assists
with rehab specs and contractor selection.
For more information about the Village’s Single-Family Rehabilitation Loan
Program, please contact Janet Saewert, Neighborhood Planner at (847) 818-5313
or e-mail
.
Download Brochure | 
