With the colder months ahead, Communities Unlimited is helping Arkansas homeowners with essential home repairs through its Home Repair Loan Program. Kapriskie Mack, regional housing manager at Communities Unlimited, said the resource closes the credit gap for rural residents who need affordable financing to maintain and improve their homes.
“Homeowners in about 30 Arkansas counties are eligible,” Mack said. “It can be used for home improvements and repairs, such as leaky roof repair, floor replacement, HVAC repair, mold remediation, or other maintenance work.”
The Home Repair Loan Program is available in several Arkansas counties and offers financing up to $3,500 with a two-year term and a fixed interest rate of 10 percent. Mack said it's about $161 a month.
“It is very affordable and is designed to help low- to moderate-income homeowners make repairs and improvements,” Mack said. “We are very flexible with what your loan can look like. We usually just need a before picture to see what you want to fix.”
In addition to the standard loan, there is an additional option for residents of Phillips and Jefferson counties.
“There are a limited number of repayable loans for an additional $2,500. You would be eligible for $6,000 in financing but would only pay back the $3,500,” Mack said.
The application process is simple. Approvals can happen quickly. Mack encourages residents to contact Consumer Credit Officer Jesse Saldana for more information.
“Depending on how many applications he receives at that time, he can have the loan approved in as little as 24 hours. I encourage residents to reach out to us if they want to make home repairs or have any maintenance needs,” Mack said.
To reach Saldana, residents can call 956-431-8848.
About Communities Unlimited
Communities Unlimited is a 501(c)(3) nonprofit organization supporting economic and community development in the rural South. Founded in the mid-1970s, the organization operates in seven states: Alabama, Arkansas, Louisiana, Mississippi, Oklahoma, Tennessee and Texas.
“We have more than 110 employees and leverage approximately $45.6 million in assets to provide programs and services that impact approximately 1.4 million people in more than 1,000 rural communities,” Mack said.
For more information about Communities Unlimited and its Home Repair Loan Program, visit the organization's website.