SHELDON - The Northwest Iowa Regional Housing Trust Fund Board of Directors Thursday in Sheldon agreed to extend the payback period for loans from five to seven and a half years.
Trust administrator Carol Keizer suggested the change after the board had earlier approved raising grant amounts from $5,000 to $7,500 and loan caps from $10,000 to $15,000.
Keizer presented scenarios showing an existing maximum schedule for $10,000 loans over 60 months at 2 percent interest which would make a payment of $175.28. If held to the same five-year schedule, $15,000 loans would have a monthly payment of $262.92.
Keizer proposed two alternative repayment schedules for the $15,000 maximum loan - seven years at $191.51 a month and seven and a half years at $179.62.
The change has no impact on the requirement that residents live in their homes for five years to get the full benefit from grants.
The trust has grants and loans available to lower- and middle-income home owner-occupants who meet income and credit guidelines.
For program information, contact or call 712-262-7225 Ext. 139.