A pilot program from the Neighborhood Economic Development Corporation, or NEDCO, is focusing on helping seniors with home upgrades.
“Aging in Place” started a few months ago as collaborative effort between the state of Oregon and NEDCO. So far, they have allocated more than $175,000 to home improvement projects. NEDCO’s Community Lending Director Lynn Meyer says a lot of seniors have been dealing with deferred maintenance or medical issues.
Meyer- “It’s incredibly important because folks need to have a source access to capital because with the economy, we’ve had downturn in credit ratings; we’ve had downturn in values of homes. So what it does is it makes affordability the key to make these repairs.”
Meyer says Aging in Place is the only loan program catering specifically to home changes for seniors. Funds will only be available until the end of 2013, unless the state decides to continue it. To qualify, you must be 62 or older, and a homeowner.
Copyright, 2013 KLCC