The Code Compliance Loan Program will provide simplified loan processing, maximum loan terms. An applicant must own the building or have a purchase contract. Building condition and finances must demonstrate a need for funds. The Code Compliance Loan Program will provide funds to replace one system or remove violations, substandard or unsanitary conditions. The borrower must be current on real estate taxes or enter into an In-Rem Agreement.
Loans are available only to buildings occupied by tenants of low-income.
Repayment is in equal monthly installments. The maximum term is 30 years. However, the term cannot exceed the useful life of the improvements. There is a prepayment surchage within the first five years of the term of the loans. The loan will be secured by a mortgage on the property.