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HRSR INFORMATION 02-02-2004
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HRSR INFORMATION 02-02-2004
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6/4/2015 4:27:33 PM
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City Government
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HRSR
date
2/2/2004
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Home Rental Rehabilitation Program Page 1 of 2 <br /> • Home Rental 1 <br /> 1 <br /> 1 <br /> 1 <br /> 1 <br /> Program <br /> 1 <br /> 1 <br /> 1 <br /> 1 <br /> 1 <br /> Program Information <br /> The Goal of the HOME rental Rehabilitation Program (HRRP) is to provide long-term <br /> benefits to lower income tenants who occupy affordable housing rental units and to <br /> owners of these properties. <br /> Funding provided through the HRRP is granted for the rehabilitation of existing rental <br /> properties. These funds will be provided through a loan with a 0% deferred interest rate <br /> for five years. This loan will be completely forgiven after five years if the terms of the <br /> program have been compiled with for the required five year period. <br /> • <br /> Program Guidelines <br /> Property must be located in Aitkin, Carlton, Cass,Chisago, Crow Wing,Isanti,Kanabec, Mille <br /> Lacs, Pine, Stearns, Todd, Wadena, or Wright County. Eligible applicants must be private <br /> individuals, corporations, partnerships, non-profit organizations, or Community Housing <br /> Development Organizations. Eligible uses include costs related to rehabilitation of existing rental <br /> housing properties; new construction and refinancing is not allowed. <br /> Properties must consist of at least 51% residential space. A minimum of$3,000 or ae maximum of <br /> $14,000 per unit is available and cannot exceed 75°/0 of the total cost of the project. These <br /> numbers represent the total per unit cost for the project,which will be paid with up to 75% from <br /> HRRP funds and at least 25% from an owner's match. Property must meet minimum building <br /> standards upon completion of rehabilitation and must continue to meet these codes throughout the <br /> five year compliance period. Properties must also be brought up to State Energy Efficiency <br /> Standards. <br /> . . �' <br /> +s 6 k:ate. .i; <br /> r r g, , �, . t ��, '"` * a ,� ate `-1' sr, » ` �� "�mwa x ,. *.�_ . <br /> httn://www emhr�r ffU Aor.4n1D,-.1....L.:1:4 a:___n______ , • <br />
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