Rental Rehab Loan Program
This program is designed to provide low-interest installment loans to owners of eligible residential rental housing citywide. If the property owner is considered to be low-income, a loan amount equivalent to 100% of the cost of rehabilitation may be provided, up to a maximum of $15,000 per unit, not to exceed $45,000 per building for multi-family properties, or $20,000 for individual single-family properties. If the property owner is not considered to be low-income, a loan amount equivalent to 75% of the total cost of rehabilitation may be provided. Loans may be provided to correct substandard conditions, make essential improvements, repair major systems in danger of failure, undertake improvements related to energy efficiency, and to improve accessibility. Multi-family properties may contain no more than a total of seven units. Upon completion, the entire housing structure must comply with the minimum housing code.
Additional financing, in the form of a zero interest deferred payment loan may be provided to address lead-based paint requirements. This loan is due and payable upon sale of the property or transfer of ownership.
Tenants must not be displaced. Property owners must agree to lease completed units to individuals and/or families with incomes less than 80% of the area median income for a period of one year. Monthly rent plus utilities may not exceed 30% of the tenant/occupant's gross monthly income, upon occupancy.
Property owners must have sufficient equity in the property.