No interest charged during the property rehabilitation period, for loan funds disbursed during the rehab period. Loan funds are disbursed on a loan draw basis, as costs are incurred. No prepayment penalty for early pay-out of the loan. Property insurance is required. City-Parish named as mortgagee on the policy.
Title insurance is required.
Monthly loan amortization payments. Escrow for property taxes and insurance required. Property must be located within East Baton Rouge Parish, exclusive of the corporate limits of Baker and Zachary. Property rehabilitation must conform with City-Parish code requirements and HUD Housing Quality Standards. Property may be vacant or occupied.