The City of Kasson has funding available for owner occupied rehab. Eligible households must:
- Live within a targeted area. For a map of the target areas, click here.
- Property is suitable for rehab.
- Homeowner’s property taxes and insurance are current.
- Property is a permanent structure.
- Homeowner does not have any outstanding judgments.
- Homeowner’s income must be at or below established guidelines
Income Guidelines (2023) | |||
Family Size | 30% AMI | 50% AMI | 80% AMI |
1 | $24,800 | $41,300 | $66,100 |
2 | $28,350 | $47,200 | $75,550 |
3 | $31,900 | $53,100 | $85,000 |
4 | $35,400 | $59,000 | $94,400 |
5 | $38,250 | $63,750 | $102,000 |
6 | $41,100 | $68,450 | $109,550 |
7 | $45,420 | $73,200 | $117,100 |
8 | $50,560 | $77,900 | $124,650 |
The financial assistance will be in the form of a deferred loan. The amount of the deferred loan will vary on a case-by-case basis. The deferred loans are secured with a Repayment Agreement. If the property is sold, title is transferred or is no longer the primary residence of the participant:
- Within the first 6 yrs., the full amount must be repaid to the HRA
- The amount of repayment is reduced 20% for each year until the end of the 10th year.
- At the end of the 10th year, the loan is forgiven and becomes a grant.
Financial Assistance | |||
Income based on AMI | % Property Owner Match | % Deferred Loan | Max. Deferred Loan Amount |
0-30% AMI | 0% | 100% | $25,000 |
31-50% AMI | 4% | 96% | $24,000 |
51-80% AMI | 10% | 90% | $22,500 |
To apply for the Kasson Housing Rehab Program, please click on the link in the sidebar.