Eligibility

Property Owner/Applicant Eligibility

Eligible properties include 2-4 unit owner-occupied buildings that require rehabilitation to address health, safety or structural issues as well as energy efficiency needs.

Applicants must:

  • Provide proof of property ownership and adequate insurance coverage 
  • Be current on all City assessments
  • Meet underwriting guidelines for a 10-year deferred forgivable loan
  • Have a debt to income ratio of <43% / Housing to income ratio < 30%
  • Have good credit (or a referral to financial counseling to improve credit)

Additionally, the applicant must agree to set aside dollars for operating/improvement reserves and to rent the required number of housing units to low-moderate income residents for the 10 years at or below HUD’s Fair Market Rents.

The property owner may not be an elected or appointed City official or City staff member.

Program Target Area

The building to be rehabilitated must be located within the City's downtown census tracts, as shown on the map below.

Census Tract Map - Program Target Area