The Housing Redevelopment Authority of Austin has expanded upon its initial Community Housing Improvement Program (CHIP) to assist those looking to take on larger home improvement projects with CHIP II.
Originally an idea of Vision 2020, the initial CHIP loan (now known as CHIP I) was created to assist with outside appearance and integrity repairs and inside repairs that addressed safety concerns. Applicants could receive a maximum loan of $10,000 with a two percent interest rate. Income limitations were placed on eligibility, ranging from a 1-person household making $41,300 or less per year to a 4-person (or more) household making $58,950 or less per year.
While the program proved popular, it was suggested to HRA Executive Director Taggert Medgaarden that CHIP could be better.
“What I was finding were people who were just over that income threshold or had just a little bit of a bigger project,” he