- Purchase and rehabilitate homes and residential properties for rent or for-sale
- Must have been abandoned or foreclosed upon
- Must be sold for less than market price
- Grantee determines market value
- Appraisal required to determine statutory purchase discount
- Establish financing mechanisms including
- Soft seconds
- Loan loss reserves
- Shared-equity loans
- For low and moderate income homebuyers
- Redevelopment of Demolished or Vacant Property or Land
- New construction eligible (demolish and rebuild)
- One-for-one replacement not required
- Limitations :
- Routine maintenance, board-up, costs of sales transactions are not eligible rehab costs
- May not include these costs in sales price calculation
- Rehab must be to "decent, safe, habitable condition"
- Establish land banks of foreclosed homes
- Demolish of blighted structures
- Only for blighted structures
Further details to be provided as they are made available.
