Repayment period is 33 years. The maximum repayment period on manufactured homes is 30 years. Grants are only for repairs that remove health and safety hazards. Applicants must own and occupy the home to be repaired. Adjusted income may not exceed very low income limit.
Grants require repayment if property is sold within three years.
Rental housing loans can be made to individuals, associations, trusts, partnerships, limited partnerships, state and local agencies, profit and non-profit organizations. Must be located in community designated annually by the agency. Borrower must be unable to obtain credit elsewhere. Borrower must have the ability and experience to operate and manage multi-family rental housing. Applicant may also request Rental Assistance to further reduce the rent burden on prospective tenants thereby making the units affordable to many additional low and very low income persons.