Laserfiche WebLink
Downtown <br /> Rental Rehabilitation Program <br /> PROGR.AM DESCRIPTION <br /> This program is designed to bring rental property in the Downtown <br /> area up to BOCA code standards, and ensuring standard housing for <br /> low income tenants . <br /> MAXIMUM ASSISTANCE <br /> Rental Rehab funds allocated to a unit will not exceed the lesser <br /> of $20, 000 or 50% of the rehab cost . The Rental Rehab loan will <br /> be a ten year forgivable deferred loan at zero percent. <br /> MINIMUM ASSISTANCE <br /> The minimum amount of Rental Rehab funds that can be invested in <br /> a rental project is $1, 000 . <br /> PROJECT TERMINATION BEFORE COMPLETION <br /> If Rental Rehab funds are expended on a project that is ter- <br /> minated before completion, the funds must be repaid. <br /> PROPERTY STANDARDS <br /> Following rehabilitation, the property must meet BOCA code stan- <br /> dards for the City of Decatur. <br /> INCOME TARGETING/ELIGIBLE PROGR.AM BENEFICIARIES <br /> Rental housing will qualify as affordable if : <br /> 1 . The assisted rental units occupied by families who have <br /> annual incomes that are 80% or less of inedian income . <br /> The maximum rents are at or below FMR rents as noted in <br /> Exhibit 2 . <br /> Refer to Exhibit 1 for income limits . <br /> RENT SCHEDULE UTILITY ALLOWANCE AND RENT INCREASES <br /> Neighborhood Renewal will review all rents and utility al- <br /> lowances . Any increase in rents to Rental Rehab assisted units <br /> are subject to any outstanding leases and Neighborhood Renewal <br /> approval . The owner must have such approval prior to notifying <br /> tenants, and must provide 30 day written notice to tenants prior <br /> to any increase in rents . <br />