237417.01 Application Packet 2019-12-10

Investor Owner Parameters

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:

Robert Flores

(518) 452-1290

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