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
"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.