R95-20 AUTHORIZING ADMENDMENT DOWNTOWN RENTAL REHABILITATION AGREEMENT

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PILOT PROGRAM DOWNTOWN Rental Rehabilitation Program INVESTOR INFORMATION The City of Decatur offers a zero percent ten-year forgivable deferred loan of up to $20, 000 per unit to bring rental properties up to BOCA code standards . The investor will provide current titlework, as well as a work write-up of the necessary repairs . The boundaries of the programs are E. North (north) , Franklin St . (east) , E. Wood St . (south) and N. Main (west) . In return for the Rental Rehab funds, the owner will sign an agreement providing the following: 1. Annual verification of a rent at or below Housing & Urban Development (HUD) specified rent rates for the City of Decatur. 2 . A preliminary proposed scope of work shall be submitted by the owner. A walk-through of the building with the Superin- tendent of Inspections will be scheduled, and a determina- tion of the necessity of an architect will be made at this time. 3 . A scheduled inspection, inside & out, of the property by a city inspector after initial completion of the work, prior to final payment; and, every two years for the life of the loan. Any necessary repairs, at the time of inspection, are made at the owner' s expense by a determined deadline. 4 , Affirmative marketing and fair housing regulations shall be followed. The mortgage will contain a restriction for rent & income re- quirements, and outline the penalty for breach of the provision.