PLEASE NOTE: There are new DRAFT guidelines for this program in process. City Council will review and comment on April 23, 2013. After final approval, the guidelines will be finalized and implemented on July 1, 2013.

Purpose
The purpose of housing rehabilitation loan programs is to provide for the rehabilitation of residential structures in accordance with the city’s building code standards and loan limits (funds must be used to correct any code violation as prescribed by the city's code enforcement officers).

Eligible Activity
Loans may be made for the rehabilitation of building exteriors, site amenities, upgrading of building interiors and mechanical systems, and structural repairs.

Applicant Eligibility
Properties located in the target area qualify. If not within the target area, the owner or the tenants must be at or below 80% of the median family income (MFI). View the MFI Guidelines to learn more.

Interest Rates, Terms & Financial Information

• Interest rate / term - Interest rates vary by type of applicant and residency, please check the program guidelines for details
  • The maximum term is 20 years.
  • After rehabilitation, rents must be kept affordable for a two-year time period as determined by the Fair Market Rents published by U.S. Department of Housing and Urban Development (HUD).
• Matching funds and maximum loans - Program participant must provide or secure a 25% match in part or total from a participating lending institution, owner, and/or insurance company or owner-equity in the following amounts:
  • $50,000 per single-family, owner-occupied house
  • $12,000 per one-bedroom / congregate unit
  • $17,500 per two-bedroom unit

Additional Resources

• Community Development Block Grant (CDBG) Target Area Map
• Housing Rehabilitation Application
• Housing Rehabilitation Program Guidelines