Applicant must be income eligible. The existing mortgage must be current at the time of application and remain current during the loan term. Property as well as homeowner’s and flood insurance (if applicable) must be current. Applicant must have title interest in the property and use property as primary residence. AFFORDABILITY AND OCCUPANCY RESTRICTIONS To ensure CDBG investments yield affordable housing over a longer period, HUD regulations imposes occupancy requirements over the period of the loan. The length of occupancy period depends on the amount of CDBG funds invested in the property (See Chart Below). Homeowner must live in the property as their primary residence for the term of the loan. MINIMUM OCCUPANCY ACTIVITY CDBG PER UNIT PERIOD Less than $15,000 5 Years Homeownership - Acquisition $15,000-$40,000 10 Rehabilitation & New Construction ELIGIBLE HOME REHAB AND IMPROVEMENTS SCOPE OF WORK The Home Rehab Loan Program will provide loan assistance to eligible homeowners for the rehabilitation of their homes. It is designed to address immediate health, safety, structural and deferred maintenance deficiencies. Other improvements that must be completed to address the identified health, safety and structural deficiencies, HUD Housing Quality Standard (HQS) or local housing codes will be considered on a case by case basis. The following is a partial list of issues that may present an immediate health, safety or structural issue. This list is not intended to be exhaustive. Final determination of improvements will be made by the CPD staff in consultation with the homeowners. Exterior Repairs: Roof, gutters, windows, doors, siding, eaves, foundation, porch, drive way/walkway, water & sewer lines, accessibility needs and modifications, etc. Interior Repairs: Plumbing, furnace, electrical, kitchen, bathroom, painting, appliances, if existing ones are nonfunctional, deteriorated structural members, floor, wall, lead and asbestos abatement etc. (presumed present). PROCESS FOR THE REHAB LOAN PROGRAM Homeowner completes and submits application to CPD by Friday, January 6, 2012: Community Planning and Development Department (CPD) 205 Government Plaza South Tower, 5th Floor, Suite 508 Mobile, AL
Applicant must be income eligible. The existing mortgage must be current at the time of application and remain current during the loan term. Property as well as homeowner’s and flood insurance (if applicable) must be current. Applicant must have title interest in the property and use property as primary residence. AFFORDABILITY AND OCCUPANCY RESTRICTIONS To ensure CDBG investments yield affordable housing over a longer period, HUD regulations imposes occupancy requirements over the period of the loan. The length of occupancy period depends on the amount of CDBG funds invested in the property (See Chart Below). Homeowner must live in the property as their primary residence for the term of the loan. ACTIVITY CDBG PER UNIT MINIMUM OCCUPANCY PERIOD Homeownership - Acquisition Less than $15,000 5 Years Rehabilitation & New Construction $15,000-$40,000 10 ELIGIBLE HOME REHAB AND IMPROVEMENTS SCOPE OF WORK The Home Rehab Loan Program will provide loan assistance to eligible homeowners for the rehabilitation of their homes. It is designed to address immediate health, safety, structural and deferred maintenance deficiencies. Other improvements that must be completed to address the identified health, safety and structural deficiencies, HUD Housing Quality Standard (HQS) or local housing codes will be considered on a case by case basis. The following is a partial list of issues that may present an immediate health, safety or structural issue. This list is not intended to be exhaustive. Final determination of improvements will be made by the CPD staff in consultation with the homeowners. Exterior Repairs: Roof, gutters, windows, doors, siding, eaves, foundation, porch, drive way/walkway, water & sewer lines, accessibility needs and modifications, etc. Interior Repairs: Plumbing, furnace, electrical, kitchen, bathroom, painting, appliances, if existing ones are nonfunctional, deteriorated structural members, floor, wall, lead and asbestos abatement etc. (presumed present). PROCESS FOR THE REHAB LOAN PROGRAM Homeowner completes and submits application to CPD by Friday, January 6, 2012: Community Planning and Development Department (CPD) 205 Government Plaza South Tower, 5th Floor, Suite 508 Mobile, AL