Homeowner Rehabilitation

GUIDELINES
ELIGIBLE PROPERTIES One to four-family properties, manufactured or mobile homes, condominiums or cooperatives located in Fall River, meeting the FHA Mortgage Limits for the area.
ELIGIBLE BORROWERS Property must be borrower’s principle residence. Borrower must be income-eligible, not owe any outstanding taxes or service fees to the City of Fall River, and be creditworthy.
ELIGIBLE ACTIVITIES Rehabilitation of the homeowner’s primary residence.
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 may be 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 program. No out buildings (i.e., detached garage); no luxury improvements (luxury is as judged by CDA).
INTEREST RATES The Homeowner Rehabilitation Program features an interest rate of 1%. The length of the affordability period is determined as follows:
Dollars per Unit
Less Than $15,000
$15,001-$40,000
$40,001 or More		 Affordability Period
5 Years
10 Years
15 Years
LOAN LIMITS & TERMS
  • Private leveraging is required.
  • Loans may be written for terms up to 20 years.
  • If property is a multi-family, rent and income restrictions as established by HUD will apply to all HOME-assisted units.
  • Lead paint abatement of $7,500.00 per unit and handicap accessibility renovation loans up to $15,000.00 are deferred until forgiveness (granted) as long as the borrower complies with program restrictions during the affordability period. Total amount of deferred assistance may not exceed $30,000.
  • All HOME rehabilitation loans are deferred for 1 year.
  • HOME funds may be used to assist mixed-income projects, but only HOME-eligible tenants may occupy the HOME-assisted units.