Individual homeowners who meet the income eligibility requirements may obtain a loan up to $13,500 for a single-family unit and $17,000 for 2-3 family structures. Repayment must occur if the property is sold within 5 years of the close of the project on a descending pro-rated basis and formula. After 5 years if the original owner still owns the property, the loan is forgiven.
Investor Owners of eligible property can receive a cash grant of 50% of the rehab costs eligible under the program and a loan equal to 40% of the rehab eligible costs with caps as follows:
Structure Size Max Grant Max Loan
Single Family $6,250.00 $5,750.00
2-Unit $8,000.00 $6,000.00
3-Unit and above $8,500.00 $6,500.00
Loans under this portion of the Program have a 5-year, interest-free term. There are to be Twenty quarterly principle payments of 5% of the loan with any balance due at closing, in the event of sale of the property.
Delaware Engineering is our Rehabilitation Specialist. They can be reached at: