Qualified investors can get up to $10K in matching funds as a forgivable loan to make improvements to their properties. Investors must meet standard underwriting criteria, be current on property taxes and provide evidence of good tenant management. Property to be improved must be in the project target area. Click here to see a map of the target area for this program.
Program Parameters:
- First Priority Structures: Single family and double / duplex
- Second Priority Structures: Apartment buildings – no more than four units
- First Priority Uses for Funds: roof, paint, siding
- Second Priority Uses for Funds: gutters, downspouts, windows, doors, front porch, landscaping, garage
- You must get two bids for proposed work
- CityWide will review bids and inspect property upon completion
Funding:
- Dollar for dollar match up to $10K
- Funds provided as a forgivable loan over a five year period with 20% of the loan forgiven each year.
Borrower Requirements:
- You must have owned and operated the property as a rental for at least 3 years.
- If you are out of the region, you must have an assigned local manager.
- You must meet standard underwriting criteria.
- You must not be in bankruptcy or foreclosure.
- You must not be tax delinquent on any property you own.
- Owner must have proof of resources to complete the repair; owners’ funds will be applied first.
- Application Fee: $100 – made payable to CityWide Development Corporation. Borrower pays closing costs.
- Property must be in the project target area.
How it works:
- Determine if your property is in the target area.
- Review and complete program check list. Click here for a copy.
- Contact Karen DeMasi (853-2555) with any questions and to request a loan application.