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b. Be classified as "substandard or suitable for rehabilitation" by the Economic and <br /> Urban Development Department. <br /> 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 not eligible for the assistance. A title <br /> seazch or updated title policy will provide evidence of ownership <br /> f. Be a single-family, a multi-family, or a mixed use (with one or more residential <br /> units)property. The project must be an existing structure only. The structure shall <br /> not be located in an area that is in conflict with environmental or zoning <br /> 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. Properties not containing at least one residential unit will not be eligible for <br /> rehabilitation funds. <br /> i. 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 /> j. For projects with more than one residential unit, rehabilitation may be allowed for <br /> unit reduction. <br /> k. Properties must not be tax-exempt. Properties must remain taxable for five yeazs <br /> after the completion of the project. <br /> 1. Projects increasing the residential density of a unit are not eligible. <br /> 2. The TIF funds aze divided into two separate rehabilitation programs. <br /> a. The TIF Minor Rehabilitation/Renovation Program is forgivable funding at a <br /> minimum of$2,000 not to exceed $20,000, or 50% After-rehab value; whichever <br /> is less. Applicants will be required to contribute matching funds. The project <br /> total costs shall not exceed $40,000.00. The forgivable loan shall not exceed <br /> $20,000.00; a mortgage and note will be required. (A minimum project score of <br /> 40 points is required.) <br /> b. The TIF Major Rehabilitation/Renovation Program forgivable funding is a <br /> minimum of$Z0,000.01 and a maxunum of$30,000 or 50% After-rehab value; <br /> whichever is less. The total amount of rehabilitation cost to address rehabilitation <br /> will be a forgivable loan for a maximum period of five years. A second mortgage <br /> will be placed on the property. Applicants will be required to contribute matching <br /> funds. The total project costs must exceed $40,000.00. (A minimum project <br /> score of 60 points is required.) <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 /> 3 <br />