The Community Development Corp. of Long Island and Capital One Bank have launched a new program offering home repair loans of up to $5,000 for needy Long Islanders.
Eligible work includes termite treatment, oil tank removal and wind damage repair, as well as fixes to hot water heaters, heating systems, broken windows and leaking roofs and basements. The loans will be available to homeowners with incomes up to 120 percent of the median income for the area, or $129,000 for a family of four, according to the development corporation. The interest rate will be 5 percent.
Capital One Bank has provided a $300,000 line of credit for the program, which will be managed, underwritten and serviced by CDCLI Funding Corp., the community development corporation's loan fund.
An official announcement about the program was due to take place Wednesday at the offices of Wyandanch Community Development Corporation in Wyandanch. Other community groups working to inform homeowners about the program include La Fuerza Unida in Glen Cove, Central Islip Civic Council in Central Islip and Housing Help in Huntington Station. Marianne Garvin, head of the Community Development Corp. of Long Island, and Andrew Corrado of Capital One Bank were among those scheduled to speak.
Capital One Bank provided each community group with a $5,000 grant for community outreach and education.