|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
$40,001 or More
|LOAN LIMITS & TERMS||