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The HOME Rental
Rehabilitation Program is for the rehabilitation of existing rental properties
in the Multi-County HRA's Service area. 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. MHFA forgives the loan if the owner
complies with the program requirements for the five-year compliance period.
The following is a general outline of the program.
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Who is eligible?
Private individuals,
corporations, partnerships, nonprofit organizations, community Housing
Development Organizations (CHDOs), and HRAs able to provide appropriate
documentation showing clear ownership of the property.
What kind of properties are eligible?
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Properties may
contain one or more housing units
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Fifty-one percent
or more of the gross area of the property must be residential space
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Tenants must meet
income guidelines. Their income must fall within the percentage of
area median income.
What area does this cover?
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To receive a MHFA Rehabilitation Loan, your rental property must be
in one of the northwest Minnesota counties of: Beltrami, Clearwater, Kittson, Lake of the
Woods, Marshall, Norman, Pennington, Polk, Red Lake and Roseau. If you
are not in our service area, you may call the Minnesota Housing
Finance Agency at 1-800-710-8871 for a list of participating lenders
in your area. For assistance with an application or additional
questions, please contact John in this office at 218-637-2431
or e-mail john@nwmnhra.org.
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