| A new program for home loan modifications has been | | | | The Facts: |
| established by the combined efforts made by | | | | This program allows easy lending of money to house |
| Massachusetts Rehabilitations commission (MRC) | | | | owners in order to allow them to do necessary |
| & many disabilities advocates throughout | | | | modifications in their homes for allowing equal and |
| commonwealth. The funding of the Home loan | | | | easy access for disabled individuals in their permanent |
| modifications program for people with disabilities was | | | | primary residences. There are seven main agencies |
| approved by the state legislature of Massachusetts | | | | throughout the state which take care of the |
| through a certain bond which provides $10 million for | | | | administration and funding for the underwriting of this |
| next five years. One of the main aims of this program | | | | program. |
| is provision of modification loans to the primary | | | | Figures |
| residences of the disabled, families having children with | | | | Based on eligibility of income, from 1000 dollars to |
| disabilities and old aged people. | | | | 30000 dollars can be lent as deferred loan or |
| A few examples of the modifications which will be | | | | amortized loan after being secured with a promissory |
| financed under this scheme are the installation of | | | | note or mortgage lien. A deferred loan is due upon the |
| ramps, wheel chair access, grab bars, lifts, sensory | | | | transfer or sale of the property. Schedules for monthly |
| adaptations etc. Deferred loans of 1000 dollars to | | | | payments are required for amortizing loans at low |
| 30000 dollars will be available to the eligible people at | | | | interests, but these are offered below the market |
| zero percent interest rates or at below market interest | | | | rates. |
| rates, these rates will include all consultation charges | | | | Eligibility |
| & loan fees. | | | | Any house owner having disabilities or having |
| Based on eligibility of income, the borrowers will be | | | | household member with disabilities or those who have |
| easily eligible for Amortized loans below market rates. | | | | rented their house to individuals with disabilities can |
| The MRC is expected to serve an estimated 200 | | | | apply for the loan. Income requirements are based on |
| households who are eligible, annually. | | | | the total gross household income of the house owner. |
| The program: | | | | Any household in a property of below 10 units might be |
| This loan scheme is a recently established Loan | | | | eligible for this program, but the applicant should be the |
| program funded by the state, which gives loans for | | | | owner of the property. The unit requiring the |
| necessary modifications to primary and the principal | | | | modifications should be the primary residence of the |
| residences of people with disabilities & elders. The | | | | disabled and the modifications made should necessary |
| program allows the disabled people to live in their | | | | for the person benefitting from them to remain in the |
| communities independently. | | | | house. |