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If you qualify, you may receive up
to $25,000 for a one or two-unit property or $10,000 per unit for a larger
property. The maximum loan amount is $100,000 at 6% interest for up
to 15 years.
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For those projects needing less than
$100,000 in construction costs, grant funds are provided in an amount not
to exceed $14,000 per unit or 75% of the total development costs,
whichever is less. For projects needing $100,000 or more in
construction costs, a 0% interest rate loan is provided with the payments
being deferred to match the term of the existing mortgage.
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