Seniors who own their own home in New York City and need help paying for repairs may qualify for the Senior Citizen Home Assistance Program (SCHAP).
The SCHAP program is administered by the city’s Department of Housing Preservation and Development (HPD), in partnership with the Parodneck Foundation. Qualifying low- and moderate-income seniors can receive low-interest repayment loans or deferred no-interest loans to prevent physical deterioration of their home or to improve living conditions. The maximum loan amount is $40,000 for single-family homes or $30,000 per dwelling unit for two- to four-family homes.
Seniors may qualify if they have owned their home within the five boroughs of New York City for at least two years, and are 60 years old or older. Income guidelines apply, and the home must have liability and property insurance.
In the case of deferred, interest-free loans, there are no monthly payments, and fees plus ten percent of the loan are forgiven after the first year. The loan is payable in full if the house is sold, but if the borrower still resides in the home after 30 years, the balance of the loan is forgiven. In the case of low-interest repayment loans, the borrower is charged with 0-3 percent interest and repays the loan over 30 years.
The SCHAP program has been in operation since 1986, and has assisted more than 1,000 senior homeowners. In addition to affordable loans, the program also offers extensive technical assistance to qualifying seniors.
To learn more about the SCHAP program, including application requirements and the loan process, contact the Parodneck Foundation at 212-431-9700, extension 313, or visit: parodneckfoundation.org/schap.
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