Eligible Activities and Uses

Helping Families. Supporting Communities. Empowering Individuals.
  • 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.