There are no surpluses from urban renewal entitlements, grant funds to be returned to the line of credit, income from float-funded activity or urgent need activities. Supplementary Information Regarding CDBG Activities for Which a Specific Location is Not Identified Emergency Housing Rehabilitation Program - Countywide Administered by Burlington County Community Action Program. Applicant must be creditworthy and have sufficient equity to cover the loan. For elderly, disabled or very low income households, zero interest loan with repayment deferred until property is sold or no longer the principal residence of assistance recipient. Small Business Loan Program - Countywide Administered by the Burlington County Economic Development Office.
Bank performs credit review and loan analysis.
The following Resale Provisions apply to properties in which HOME funds have been used as a development subsidy. Guidelines for resale of properties, purchased initially as affordable housing by low income home buyers, require placement of controls to assure that the properties remain affordable for a five to 15 year period, depending upon the amount of HOME funds invested, and the owner realizes a fair return on investment. The resale price will be consistent with the above stated Affordability Limit and the following guideline for determining a fair return on investment. A fair return on investment will take into consideration the rate of appreciation to the home owner's investment, calculated by adding his down payment, the portion of his monthly payments which were applied to principal, and the cost of any major improvements which increased the value of the property. This amount, when added to the homeowner's investment represents his share of the appreciation of the value of the property.