Route 79 Project Advisory

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Investor Rehabilitation


Investor – Rehabilitation Program

  • One or more buildings on a single site or multiple sites under common ownership located in Fall River.
  • Investors with property located in Fall River.
  • 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. eligible.
  • Handicap accessibility renovations are eligible.
  • Lead paint abatement is necessary under the program, and is
  • 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:

Dollars per Unit 
Less Than $15,000
$40,001 or More
Affordability Period
5 Years
10 Years
15 Years
20 Years
  • A $250 origination fee will be charged to all investors. The fee will be refunded at closing. If the investor does not follow through with project, the fee is forfeited.
  • Loans may be written for terms up to 30 years.
  • Private leveraging is required.
  • All HOME rehabilitation loans are deferred for 1 year.
  • 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.
  • Rent and income restrictions as established by HUD will apply to all HOME-assisted units.
  • HOME funds may be used to assist mixed-income projects, but only HOME-eligible tenants may occupy the HOME-assisted units.