The program will subsidize the owner's portion of of rehab via a 10-year, 0% interest, deferred forgivable loan. 10% of the loan amount will be forgiven each year that the owner occupies the dwelling and meets rental affordability requirements. A maximum subsidy of $60,000 is available per property.

The balance of the loan must be paid in full if the owner no longer occupies the property or sells/transfers ownership of the property before the end of the 10-year financing term. (As an exception, the owner may sell or transfer ownership to a new low-moderate income owner or heir who will occupy a unit and who meets the program’s income, affordability, and underwriting guidelines. In this case, the new owner will assume the outstanding City mortgage.)

Eligible Rehab Activities

For residential spaces, only necessary, permanent improvements not of a cosmetic or luxury nature are eligible for funding, including:

• Structural improvements (foundations, walls, ceilings, roofs)
• Energy efficiency improvements (windows, doors, insulation)
• Improvements to major building systems (heating, plumbing, electrical) 

For any non-living space, improvements are limited to:

• Structural improvements, including attached garage roofs that are not sound
• Weather-related improvements (ex. install sump pump, clear downed trees)
• Other health/safety-related issues on a case-by-case basis

Ineligible Rehab Activities

• Cosmetic rehab
• New construction
• Paving
• Fencing
• Appliances
• Any work started prior to the City’s approval of funding