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MHFA Rental Rehabilitation Loan Programs
Home
Renovation
SEMMCHRA, through the Minnesota Small Cities Development
Program, has established a deferred loan program in cities throughout
our service area. The purpose of this program is to assist moderate-income
households by improving the quality of their living environment
through the repair and renovation of existing housing.
Currently there are no "open" grants in our service area.
We have grant applications pending for the City of Hammond, St.
Charles and West Concord. Notifications for these grants should
come in April of 2003.
If you qualify, you may receive a deferred loan. This is a sum of
money paid by the HRA to correct defects in your home. A deferred
loan does NOT have to be repaid unless you sell, transfer title
or move from the property within 10 years.
Your total gross annual income must not exceed eligible amounts
based upon number of household occupants. Your total gross income
includes income from all members of your household who are 18 years
of age and older. If the gross annual incomes does not exceed the
income limit, you may qualify.
You must also meet these additional requirements:
* You must own or be purchasing your home through contract for deed.
* The building must be a permanent structure (manufactured homes
are not eligible unless they are taxed as real property.)
* Target area may apply.
Contact Person:
Nancy Kuklinski
SEMMCHRA, 134 East 2nd Street
Wabasha, MN 55981
phone: 651-565-2638 ext. 214 or 800-450-4501
e-mail:nancyhra@wabasha.net
Rental
Renovation
Rental rehab programs provide grants to assist rental property
owners to develop affordable, decent, safe and energy efficient
rental housing for low- and moderate-income families. This money
can be used to make eligible energy, health and safety improvements.
The HRA has been designated as local administrator for funds available
through Minnesota Housing Finance Agency (MHFA) and the Department
of Trade and Economic Development (DTED) to improve or create rental
units. These funding sources may be combined to provide additional
dollar incentives to rental property owners.
Elgible improvements, replacements/repairs include but are not limited
to:
* roof
* doors/windows
* siding
* inslulation
* water heater
* plumbing
* furnace
* electrical
* ADA
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Eligibility Requirements Include:
* property owners providing matching monies (percentage based on
program)
* units are inspected for housing quality standard compliance
* tenant selection is based on income
* maximum dollar amounts that can be charged for rent
* owner must provide equal housing opportunities
Contact Person:
Nancy Kuklinski
SEMMCHRA, 134 East 2nd Street
Wabasha, MN 55981
phone: 651-565-2638 ext. 214 or 800-450-4501
e-mail:nancyhra@wabasha.net
MHFA
Rental Rehabilitation Loan Programs
The MHFA Rental Rehabilitation Loan Programs help owners of rental
properties finance improvements at a competitive interest rate or
through a Deferred Loan Program. The loans can assist with improving
the basic livability and energy efficiency of rental units. Eligible
properties must be at least 51% residential. Owner occupied units
are not eligible.
Financing Terms For the HOME Rental Rehabilitation Deferred Loan:
Zero percent deferred subordinate loan, completely forgiven after
a 5 year compliance period. Maximum grant amount is $14,000 per
unit. Owners will be required to provide 25% of the total eligible
rehab cost.
Type of Housing:
Properties must be at least 51% residential. Owner-occupied units
are not eligible for HOME Rental Rehab funds.
Eligible Rents:
At least 20% of the units must be at 50% of the rent limit. Up to
80% of the units may be at the lower of Fair Market Rent or 65%
rent limit.
Tenant Income Limit:
Income limits vary with the number of units funded by HOME Rental
Rehab dollars. Contact a SEMMCHRA representative for specifics.
Eligible Applicants:
Credit worthy persons who own residential rental property primarily
occupied by low- and moderate-income tenants.
Eligible Rents:
The rent may not exceed the Fair Market Rent for the County, based
on the number of legal bedrooms.
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