Frisco Home Improvement Loan Program
In April 2023, Frisco Town Council approved Resolution 23-18 establishing a home improvement loan program in order to support local residents and keep them in their homes. Town Council sought to acknowledge through this program that the cost of repairs can be a barrier to staying in the community and that housing programs should be multi faceted to support residents. Applicants must own their Frisco home, be full time residents, and make a qualifying repair or improvement in order to qualify for up to a $50,000 loan. The interest form below is now available for anyone wanting to pursue this program, and loans will be made available on a rolling basis, as long as funds are available; $250,000 were initially allocated for this project in 2023.
The Frisco Home Improvement Loan Program is available to Frisco homeowners for properties located within Frisco town limits, with the following criteria:
- Applicant is a full-time resident in the Town of Frisco, and the property is owner occupied by the applicant.
- The applicant must show they cannot qualify or afford a conventional loan and must have sufficient equity in the home to secure the loan.
- The loan proceeds may only be used for needed home repairs, examples include roofs, electrical, plumbing or mechanical systems, foundations, or other similar structural or systems repairs.
- Loan proceeds could also be used for energy efficiency upgrades such as windows, building electrification, energy efficient heating systems, insulation, and similar.
- HOA assessments for needed repairs may qualify for this program.
- Loan proceeds shall not be used for aesthetic improvements such as kitchen remodels, deck or patios, driveway resurfacing, painting or siding, or other routine maintenance.
- Loans will accrue interest, at a rate of 3%, with a default rate of prime +3% at the time of default.
- If the property ceases to be a full-time residence of the property owner, the default rate shall be applied, and the loan shall be repaid in full within one year.
- The Town’s loan will be a secondary deed of trust recorded on the property with a fixed interest rate of 3%, and the loan will be recorded against the property with the Summit County Clerk and Recorder, via a deed of trust.
- Loans shall be repaid in full at time of refinance or sale.
- Annual reporting and monitoring of the loan recipients will be performed to ensure that the property continues to be used as a full-time residence of the property owner, similar to the annual deed restriction monitoring program.
How to Begin the Application Process
Please fill out the interest form below. This is not a loan application, and further information and documentation will be required throughout this loan process. Loans will be available on a rolling basis, as long as budget allows; $250,000 have been allocated to this program in 2023.