Homeowner Rehab Program
Low Interest Home and Commercial Rehab Program
The City of Malden through the Malden Redevelopment Authority (MRA) operates a Residential Housing Rehabilitation Program which addresses the repair of owner occupied one to four family structures and investor owner properties. Depending on the eligibility of the owners, generally all repairs are related to a code and lead paint inspection performed in conjunction with the City of Malden Code Enforcement Department.
All projects will be reviewed and include site specific reviews found in specific project files and include determination on historicity, flood plain, noise, air quality and solid waste.
Rehab Loan Programs
In addition to the programs described below, the MRA operates a Commercial Rehab Program.
CDBG Low Interest Homeowner Loan Program
This program enables owner-occupants of 1-4 family residential structures throughout the city to correct code and lead paint violations. These 15-year loans carry interest rates of 3% or 5% depending on family income. The maximum loan limits are $25,000 for a single family and $35,000 for a two-family and $40,000 for three or more.
CDBG Emergency Loan Program
3% loans are utilized for emergency repairs designated by the Malden Redevelopment Authority as dangerous to the health and safety of the occupants. The maximum loan limit is $5,000 with a payback of five years.
Lead Waterpipe Replacement Loan Program
This program will be opened up to homeowners across the entire city who would like to replace their lead waterlines from the sidewalk into their homes. Under this program all eligible loans will be secured with a mortgage and promissory note.
Investor Owned Loan Program
Under this program the tenants must be within the low/moderate income category. Depending on tenant incomes and rental restrictions required, the loans carry an interest rate of 3 to 5% over a 15 year term. Please note: rental restrictions may apply.
Malden First and Second Time Home Buyer
Homeowners who qualify for the program have to meet certain income requirements as established by MRA. Under this program any purchaser who meets income and rehab requirements may receive a home improvement loan to repair any housing and lead paint deficiencies on their newly acquired home.
MHFA "Get the Lead Out" - 1-4 family structures
· This program is for Owner Occupants whose income does not exceed MHFA home mortgage program income limits.
· Investor-owners who rent their property to income eligible tenants.
· Non-profit organizations which own properties and will rent to income eligible tenants.
Lead Paint Grant/Loan Program
The Malden Lead Paint Grant/Loan Program
The Malden Redevelopment Authority is offering a Lead Paint Loan/Grant Program to homeowner's in Malden. Under this program funds are available for abating lead for low/moderate owner-occupied and investor-owned properties. Eligible homeowners who are interested can voluntarily contact the MRA for the inspection and financing.
All inspections will be paid by the MRA for eligible homeowners who go through this program.
Lead Water Pipe Replacement
The City of Malden/Malden Redevelopment Authority are offering a Lead Water Pipe Replacement Program. This program will be opened up to homeowners across the entire city who would like to replace their lead water lines from the sidewalk into their homes.
Under this program all eligible loans will be secured with a mortgage and promissory note. The financing for homeowners is as follows:
50% median income or lower - 0%. Loan can be deferred, payable only upon sale or refinancing in hardship cases.
51% to 80% median income - 3% rate, term up to 7 years.
81% median income or higher - 5% rate, term up to 7 years.
All investor owners will be in the higher income category - 5% rate, 7 years term.
All the above financing requirements may be waived or changed on the recommendation of the Director of Neighborhood Revitalization and the approval by the Executive Director of the Malden Redevelopment Authority.
Thus there is still a major challenge in Malden to continue to remove lead based paint. There are many houses that are occupied by low and moderate income households that need assistance programs.
Programs available in Malden
1. The City of Malden through the Malden Redevelopment Authority (MRA) operates a Residential Housing Rehabilitation Program which addresses the repair of owner occupied one to four family structures and investor owner properties. This rehab program is required to test for and remove if necessary, any lead based paint hazards.
2. A federal lead program is open to low/moderate income individuals or families, of owner occupied homes. This Lead-Abatement program is funded through the HUD Office of Healthy Homes and Lead Hazard Control, and CDBG. This program has de-leaded over 1000 housing units since 1994.
3. Through Tri-City Community Action Program, the City has several outreach programs including fairs where literature is distributed and through which referrals come to the city. The Tri-City Community Action Program also holds educational seminars which increase awareness of lead based paint hazards.
4. The City of Malden has an aggressive inspection program triggered both by code enforcement and health department findings. When the City identifies units with lead-based paint, those units are required to be de-leaded.