The City of Arvada and First Bank of Arvada, First Bank of Wheat Ridge, and First Bank North have teamed up to provide financial assistance to private rental property owners for the rehabilitation and improvement of rental properties in the city. Over time, City officials have found that it is difficult for the owners of rental single family, townhouse, condominium, and duplex dwellings to secure affordable and practical financing for housing rehabilitation.
All three First Bank lenders are jointly cooperating in this effort which entails significant commitments in terms of affordable funding, lower loan costs, and flexible underwriting. The program provides low interest loans up to $50,000 with flexible 5 or 10 year repayment programs. No public subsidies are involved. 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. The City of Arvada provides assistance to inspect the property and prepare work descriptions for owners. The work must be completed and approved by the City before the final disbursement of the loan.
Those interested in applying for the program or who desire further details should contact: Housing Rehabilitation Specialist, City of Arvada at 720-898-7498 or First Bank of Arvada at 303-422-3000.