For every year the rent remains affordable to low income tenants after year 5, the interest is waived. Be the owner of the property for which rental assistance is being requested. Property must be located in the City of Appleton. Property must be occupied by or available to low income tenants during and after rehabilitation.
Preference is given to units with two or more bedrooms.
The building must be able to be physically and financially rehabilitated. All rents must be at or below the fair market rents established by the U.S. Department of Housing and Urban Development for at least five years. Principal and interest shall be payable in five even and equal installments starting in year six of the loan. Funds cannot be used for new construction or the acquisition of land.