|ELIGIBLE PROPERTIES||One or more buildings on a single site or multiple sites under common ownership located in Fall River.|
|ELIGIBLE BORROWERS||Investors with property located in Fall River.|
|ELIGIBLE ACTIVITIES||Acquisition of multi-family properties for income-qualified tenants.
Rehabilitation of investor-owned property.
All housing code violations need to be corrected. Asbestos removal, radon, interior and exterior work, heating system, electrical updating, and energy-related activities are all eligible under the program.
Lead paint abatement is necessary under the program, and is eligible.
Handicap accessibility renovations are eligible.
|INELIGIBLE ACTIVITIES||Properties previously assisted with HOME funds may not be assisted again during the affordability period unless it is within one year after project completion. Assistance is limited to residential units; commercial property is not eligible under the HOME Program.
No out-buildings (i.e. detached garage); no luxury improvements (“luxury” is as judged by CDA).
|The Investor Rehabilitation Program features an interest rate of 1%. The length of the affordability period is determined as follows:Rehabilitation or acquisition of existing housing:|
Less Than $15,000
$40,001 or More
|LOAN LIMITS & TERMS||