Assistance is available to investors/owners for the
rehabilitation of residential properties to increase the
availability of affordable, decent, safe and sanitary rental units
for very-low, low and moderate income residents. Assistance may be
provided in the form of a low interest or deferred loan for a
portion of the cost of rehabilitation. Tenants of assisted units
must be income-qualified by the City and rent restrictions shall
also apply for specific periods of time, depending upon the amount
of assistance provided per unit (minimum of five years and up to 20
years for new construction).
Applications for assistance will be received on a first come,
first served basis and funding will be provided as available.
Priority for funding will be given to projects sponsored by the
City, by Community Housing Development Organizations (CHDO's) and
non-profit organizations. Remaining funding will be provided to
other qualified applications on a first come, first serve basis.
In order to qualify for this incentive, the project must be
certified as an affordable housing project under the Affordable
Housing Certification process.