FRISCO NEWS

Full-Time Residents

Opportunity Knocks

Greetings, readers! I have some exciting news to share with you about the town of Frisco In an effort to maintain the town’s year-round population, the Frisco Town Council has established a new program that will offer low-interest home improvement loans without monthly payments to permanent residents. The loans, which can be for up to $50,000, are intended for home repairs or energy efficiency upgrades, and can only be used by full-time residents who live at the property they own in Frisco

The goal of the program is to help residents who have been living in their homes for a long time and have built up significant equity but lack the cash for emergency repairs. Rather than monthly installments, the applicant must prove they have adequate equity in their home and would repay the loan from equity upon a refinance of the mortgage or upon the sale of the home The loan would have an interest rate of 3%, and the default rate of prime +3% would apply if the property ceases to be the full-time residence of the property owner, and the loan would have to be repaid within a year. The program will benefit residents who cannot qualify or afford a conventional loan, and it aims to help the town reach its goal of increasing the proportion of full-time residents to 50% It is open to both market-rate and deed-restricted properties, including condominium properties Frisco officials have yet to announce the program's start date, but they plan to market it through various channels, including blog posts, emails, ads, a media release, and social media

Overall, the program is part of the council's larger efforts to address housing affordability and maintain a year-round population. The loans will help long-term residents stay in their homes, especially those who have been forced to sell due to required repairs they couldn’t afford So, if you are a permanent resident in Frisco who needs help with emergency repairs, keep an eye out for this program