2004-09-21_Agenda - Laserfiche WebLink

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City of Roseville Housing & Redevelopment Authority Phone: (651) 792-7015 http://www.cityofroseville.com 2660 Civic Center Drive Roseville, MN 55113 Fax: (651)792-7070 Rental Rehab Program Guidelines – (DRAFT) Goal: The Rental Rehab Program is designed to assist landlords who rent to low to moderate income tenants, make improvements to their properties. Program Amount: The program provides 50% of the cost of rehabilitation, not to exceed a $10,000 grant per property. The landlord is responsible for the balance of funds through personal or lending source means. The grant will be forgiven at the rate of $1,000 per year provided the property title has not transferred and the landlord has not charged rents in excess of Fair Market Rents. (Refer to attached chart). An annual affidavit must be signed in front of a Notary Public and returned in order for the annual forgiveness. Requested amounts over $10,000 may be provided in the form of a loan. The maximum loan amount is $20,000 for a 1-2 unit property or $5,000 per unit for 3 or more unit properties up to $75,000. Separate income, asset and credit information must be completed for rehab requests over $10,000. (Refer to attached Loan Application). In addition, proof that other funding sources have been exhausted must be provided. Reimbursement: The landlord is responsible for obtaining his/her portion of the matching grant through the landlord’s private sources. If applying to a local lending institution, the HRA may provide (upon request), necessary documentation to your lending institution to help expedite the process. Grant funds will be paid directly to the applicant after: 1) the project is complete, 2.) there is verification of costs incurred and 3.) signed lien waivers from all contractors and material suppliers have been collected. Approved application requests for a loan over $10,000 will be issued prior to construction at the time of closing on the loan documents. Eligibility Requirement: To be eligibility for this program, at least 51% of the tenants must have incomes at or below moderate income limits. (Refer to attached chart). In the case of a vacant property, the landlord, upon completion of the work, must rent at least 51% of the units to those with incomes at or below moderate income limits. All properties must meet HRA inspection qualifications and current Roseville Building Codes. This is to restore and promote safe and sanitary decent housing. 1