Community Home Improvement Program (CHIP)

How it works

The Community Home Improvement Program (CHIP) provides low-interest loans for eligible borrowers to improve or repair the borrower’s present single-family home. SD Housing says the loans have level monthly payments and are amortized according to underwriting guidelines.

What the money covers

The program page lists many eligible repairs and improvements, including siding, windows, decks, heating, roofing, doors, insulation, accessibility updates, smoke/fire alarms, storm doors, storm windows, water softeners, foundations, plumbing, painting, and mold work. The page also lists some ineligible uses, including appliances, furniture, sprinkler systems, swimming pools, hot tubs, landscaping, and patios.

Amounts and terms

• Interest rate: 2.9%.
• Loan amounts and terms are determined on an individual basis.
• The page says there are no loan-to-value requirements and minimal costs associated with obtaining a CHIP loan.

How to apply

Applicants must contact one of SD Housing’s CHIP participating lenders for an application and interview. The lenders originate, process, and close the loan, and monthly payments are made to that lender.

Timing and deadlines

The official page does not list a deadline or waiting list.

Related homeowner help

On the same SD Housing page, the agency also points homeowners to HOME Homeowner Rehabilitation, HOF Homeowner Rehabilitation, and Energy/Weatherization Assistance programs.