2006-359 - Laserfiche WebLink

Home Browse Search

F . Rehabilitation Grants a . Summary of the Strategy : To fund all or a portion of the cost encountered in rehabilitating existing owner - occupied housing units . b . Fiscal Years Covered : FY 2006 - 2007 , FY 2007 - 2005 , FY 2005 - 2009 c . Income Categories to be served : • Very Low- Income Persons • Low- Income Persons only if it is a match for another state or federal housing program d . Maximum award : The maximum monetary award for a rehabilitation grant shall not exceed : $ 50 , 000 . 00 per single family or a condominium- housing unit . e . Terms , Recapture , Default : The repayment of funds awarded , as a rehabilitation grant is not required , except in cases where the assisted housing unit is sold , refinanced with a cash out , prior to termination of the unit ' s affordable classification timeframe ( 10 years ) or occupied by someone other than the original grant recipient . In cases where the unit is sold , refinanced with cash out , or occupied by someone else , the entire original grants amount must be paid back at the time of resale or refinancing of the unit . There will be no interest rate for rehabilitation grants . Recaptured funds will be deposited in the county ' s affordable housing trust fund . I . Recipient Selection Criteria : Applications will be reviewed based on a first come first reviewed basis , and applicants will be chosen per the following criteria : • Income Eligibility • Employment Verification • Asset Verification g . Other Rehabilitation Grant requirements : The IRCLHAProgram anticipates providing rehabilitation grants to eligible , very low income households , and limited low income households to fund all or a portion of the cost of rehabilitation of existing single - family or condominium owner occupied housing units . Rehabilitation grants will not be awarded for rehabilitation work previously completed . All rehabilitation work must be performed by licensed contractors . Rehabilitation grants may be awarded if needed rehabilitation work activities include at least one of the following types of activities which are essential to make a house safe for habitation and/ or to maintain the house ' s structural integrity . Rehabilitation grants may be awarded for rehabilitation of existing units occupied by very low income or low- income households . Rehabilitation grants may not be awarded in combination with downpayment / closing cost loan assistance . Rehabilitation grants will also be used in the event of a natural , 23