Rehab funds available 1.28
There’s still a lot of money available for rental property rehabilitation, reports Dawn Flynn of the Community Action Agency (CAA).
The CAA will assist in determining what repairs are needed and eligible in the rehab program, and will also help locate and work with contractors to get the job done.
The city was awarded $181,424 in December 2006.
“The program will end Dec. 31, 2008, so owners must move rapidly to take advantage of the opportunity,” Flynn said.
Property owners can apply for up to $25,000 per unit for existing rental property or $35,000 per unit for newly created units. Funds are granted in the form of a five-year forgivable loan if the owner rents to low-income tenants at HUD rental rates during that period.
The property owner must contribute a minimum of 25 percent of the total project costs.
Tenant income requirements are based on 80 percent of the Lenawee County area median income, adjusted for family size. At least half of the units must be rented to people meeting those guidelines.
Funding can be used for plumbing, heating, electrical systems, roofing, windows, doors, floor covering, siding, porches, bathrooms, kitchens and other miscellaneous repairs.
For additional information, contact Flynn at 800/491-0004.
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