The City of Lake City 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 | $19,900 | $33,150 | $53,000 |
| 2 | $22,750 | $37,850 | $60,600 |
| 3 | $25,600 | $42,600 | $68,150 |
| 4 | $30,000 | $47,300 | $75,700 |
| 5 | $35,140 | $51,100 | $81,800 |
| 6 | $40,280 | $54,900 | $87,850 |
| 7 | $45,420 | $58,700 | $93,900 |
| 8 | $50,560 | $62,450 | $99,950 |
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 | 12% | 88% | $22,000 |
To apply for the Lake City Housing Rehab Program, please click on the link in the sidebar.
