Rehabilitation Loan Program
The maximum assistance amount provided is up to $40,000 in the form of a loan (max assistance varies by home value). The City loan is secured by a first or second lien on the property. The affordability period for the Rehab Program is five (5) years.
Based on the household’s income, the following loan terms apply:
1. Households with incomes at or below sixty percent (60%) AMFI will receive a deferred, zero percent (0%) interest loan. Thus, the homeowner will not be required to make payments during the term of the loan.
2. Households with incomes at sixty-one to eighty percent (61%-80%) AMFI will have a combination of a deferred, zero percent interest (0%) loan and a monthly installment payment plan as determined through the City’s underwriting. Thus, most homeowners will be required to make a small monthly loan payment.
3. Households with incomes at eighty-one to one hundred twenty percent (81%-120%) AMFI will have a three percent interest (3%) loan with a monthly installment payment as determined through the City’s underwriting. Thus, all homeowners will be required to make a monthly loan payment.