Types of Grants, Loans & Income Eligibility

Grants


Limited grant funds are available to income qualified households for exterior improvements only. Grants may not exceed $10,000. All grant funds will be provided in the form of a loan which is forgiven in equal parts over 10 year period. The single family dwelling must remain the primary residence of the recipient for the entire period.

0% Interest Loans


Regular monthly installment loans, up to $40,000 with payments at zero percent interest, require applicants to be the owner and occupant of a single family dwelling with a household income that does not exceed the below requirements.


2016 Income Limits


Household Size Maximum Income*
  • 1 person $37,450
  • 2 persons $42,800
  • 3 persons $48,150
  • 4 persons $53,500
  • 5 persons $57,800
  • 6 persons $62,100
  • 7 persons $66,350
  • 8 persons $70,650

* 2016 HUD determined M.F.I. effective March 28, 2016

Low Interest / Deferred Loans


The program also accommodates the many Royal Oak homeowners living on limited incomes for whom loans with a low interest rate are still out of reach. Homeowners may be eligible for a deferred loan not to exceed $40,000. These loans require no monthly payment for a time determined by the city's Loan Committee.

Three percent payment commences upon date determined by the city's Loan Committee on an individual basis which is normally 5 - 10 years. Loan are due automatically when the property is sold or transferred prior to the determined date. Applicants for deferred loans must have a household income that does not exceed the below requirements.

2016 Income Limits


Household Size Maximum Income*
  • 1 person $23,450
  • 2 persons $26,800
  • 3 persons $30,150
  • 4 persons $33,450
  • 5 persons $36,150
  • 6 persons $38,850
  • 7 persons $41,500
  • 8 persons $44,200
* 2016 HUD determined M.F.I. effective March 28, 2016