Frequently Asked Questions

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Zero Percent Deferred Payment Program

Do I have to live in Granite City to be eligible?
To qualify for the Zero Percent Deferred Loan, you must live in the Granite City, city limits.

Can I make installment payments on the loan?
No.  This loan is a one payment loan. It does not acquire interest or finance charges, but it must be paid off in one payment

Can I get help with remodeling my home?
The loan does not cover remodeling (paint & carpet), garages, fences or driveways.
The most common repairs are –roofs, plumbing, & wiring.
Loans are not for people who want to update their homes. Loans are for repairs only.

Scattered Housing Program

Where are the new houses located?
The homes are not built yet. They are not built until the prospective buyer is approved and has met with a builder.

Is there an application for this program?
There is not an application for the Scattered Housing Program. There are steps that have to be taken through Madison County Community Development.
What is the subsidy?
The subsidy is provided through Madison County Community Development. It is used in conjunction with your mortgage. It acts like a “second mortgage” to help bring the monthly payment down.
Do I have to purchase one of the vacant lots owned by the City?
You do not have to purchase one of the City’s lots. The difference will be the price. If you buy a lot from an individual, it could cost you more for the lot itself. The City sells its lots for $20 a frontage foot. This makes the average price for a lot $1,000 - $1,200. An individual can charge whatever amount they see fit.