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. eligible.
• Handicap accessibility renovations are eligible.
• Lead paint abatement is necessary under the program, and is

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 HOME Program.
• No out-buildings (i.e. detached garage); no luxury improvements (“luxury” is as judged by CDA).

INTEREST RATES

LOAN LIMITS & TERMS

• 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.