Forgivable Loans

Limited funds are available to income qualified households for exterior improvements only. Forgivable loans may not exceed $10,000. All funds will be provided in the form of a loan which is forgiven in equal parts over 10 year period. The single-family dwelling must remain the primary residence of the recipient for the entire period.

0% Interest Loans

Regular monthly installment loans, up to $40,000 with payments at zero percent interest, require applicants to be the owner and occupant of a single family dwelling with a household income that does not exceed the below requirements.

2020 Income Limits

Household Size Maximum Income*

• 1 person $44,000
• 2 persons $50,250
• 3 persons $56,550
• 4 persons $62,800
• 5 persons $67,850
• 6 persons $72,850

Low Interest / Deferred Loans

The program also accommodates the many Royal Oak homeowners living on limited incomes for whom loans with a low interest rate are still out of reach. Homeowners may be eligible for a deferred loan not to exceed $40,000. These loans require no monthly payment for a time determined by the city's Loan Committee.

Three percent (3%) payment commences upon date determined by the city's Loan Committee on an individual basis which is normally 5 - 10 years. Loan are due automatically when the property is sold or transferred prior to the determined date. Applicants for deferred loans must have a household income that does not exceed the below requirements.

2020 Income Limits

Household Size Maximum Income*

• 1 person $27,500
• 2 persons $31,400
• 3 persons $35,350
• 4 persons $39,250
• 5 persons $42,400
• 6 persons $45,550

* 2020 HUD determined M.F.I. effective April 10, 2020