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c. Be structurally sound or be able to be rendered structurally sound through <br /> rehabilitation. <br /> d. After rehabilitation, the unit will be without code violations or it will have <br /> reduced violations. <br /> e. The applicant must have clear title to the unit and provide proof of ownership. <br /> Units purchased under a land sales contract wherein title does not pass to the <br /> buyer until the contract is paid in full are eligible only for the Commercial <br /> Rehabilitation Program. A title search or updated title policy will provide <br /> evidence of ownership <br /> f. Be a single-family, a multi-family, mixed use (with one or more residential units) <br /> or commercial property. The project must be an existing structure only. The <br /> structure shall not be located in an area that is in conflict with environmental or <br /> zoning regulations. <br /> g. Projects will be evaluated and scored. Projects which have exterior improvements <br /> plus code improvements will receive the highest priority. <br /> h. Common areas for mixed use projects may receive assistance. Examples of <br /> potential funding for common areas may include ADA improvements and/or fire <br /> code protection improvements. <br /> i. For projects with more than one residential unit, rehabilitation may be allowed for <br /> unit reduction. <br /> j. Properties must not be tax-exempt. Properties must remain taxable for five years <br /> after the completion of the project. <br /> k. Projects increasing the residential density of a unit are not eligible (certain <br /> exceptions apply see commercial rehabilitation). <br /> 2. The TIF Rehabilitation/Renovation Program is forgivable funding at a minimum of <br /> $2,000 not to exceed $30,000, or 50% After-rehab value; whichever is less. Applicants <br /> will be required to contribute matching funds. The project total costs shall not exceed <br /> $60,000.00. The forgivable loan shall not exceed $30,000.00; a mortgage and note will <br /> be required. (A minimum project score of 40 points is required for amounts $20,000 and <br /> under. A minimum score of 60 points is required for amounts between $20,001 - <br /> $30,000.) <br /> The total amount of TIF funding granted to address rehabilitation will be a forgivable loan for a <br /> period of time based upon the funding amount. <br /> Forgivable (Equity Share) Period: <br /> Project Funding from TIF Term <br /> $2,000.00 - $5,000.00 One year term <br /> $5,000.01 - $10,000.00 Two year term <br /> $10,000.01 - $15,000.00 Three year term <br /> $15,000.01 - $20,000.00 Four year term <br /> $20,000.01 - $30,000.00 Five year term <br /> 3 <br />