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 ACTIVIES

• 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

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.