The City of Arvada and FIRSTBANK have teamed up again in 2012 for a program to provide financial assistance to private rental property owners for the rehabilitation and improvement of smaller rental properties in Arvada.
On January 9, 2012 the Arvada City Council approved the agreement with three FIRSTBANK locations to continue a one year cooperative effort with the City by which funds have been made available to assist the owners of rental single family houses, condominiums, town homes, and duplexes with lower cost rehabilitation and improvement loans. Over time, City officials involved in addressing housing needs within Arvada found that it’s very difficult for owners of these properties to secure affordable and practical financing for housing rehabilitation on those dwellings.
FIRSTBANK has committed $1,000,000 to work toward the stabilization and improvement of housing within the City and City neighborhoods as well. The Rental Improvement Loan Program is a cooperative effort by FIRSTBANK of Arvada, FIRSTBANK of Wheat Ridge, FIRSTBANK North and the City of Arvada. The FIRSTBANK lenders are jointly cooperating in this effort which entails significant commitments in terms of funding, lower loan costs and flexible underwriting.
The program provides low interest loans up to $50,000 with flexible five or 10-year repayment terms. NO public subsidies are involved in this project. The loans are offered with no appraisal fees, no closing costs, no document fees and no loan origination fees. The homes must be brought up to specified standards as part of program requirements. The City provides, if needed, initial work write-ups that must be completed to insure full disbursement of the loan amount.
"This joint effort between the City and FIRSTBANK provides extremely attractive financing with minimal upfront costs to owners of smaller size rental properties to allow them to maintain and improve their investments. At the same time, those improvements to rental properties can make for better living environments for renters and help maintain the quality of our residential neighborhoods. It is an excellent program that is simple to use,” said Ed Talbot, Manager for Housing and Neighborhood Revitalization with the City of Arvada.
For more information about the program or to apply for a loan contact FIRSTBANK of Arvada at 303-422-3000 or the City of Arvada at 720-898-7498.