Buyer makes appointment with HPIP counselor to discuss program requirements. City Health Sanitarian inspects the property and lists all code violations. Buyer takes copy of sales agreement and the list of housing code violations to a participating lending institution for mortgage financing. Mortgage lender advises City of loan approval and escrow agent. Buyer signs City's promissory note and mortgage deed at closing committing to occupancy within 3 months and completion of repairs within 18 months.
City provides HPIP down payment grant at the loan closing.
City Rehabilitation Specialist re-inspects the property and writes detailed cost estimates for repairs. HPIP rehabilitation grant funds and if necessary processes low interest loan as repairs are completed. Buyer resides in the property for at least five years after repair work is completed to avoid re-payment of HPIP rehabilitation grant. Take advantage of the financial assistance offered throughout the Home Purchase IncentiveProgram.