HomeMy WebLinkAboutEDA AGN 03-24-09AGENDA
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
TUESDAY, March 24, 2009
7:00 p.m., City Hall, Conference Room 1
1. Call to Order/Roll Call
Gary L. Peterson, President Bobby Williams
Marlaine Szurek, Vice President Bruce Nawrocki
Bruce Kelzenberg, Secretary/Treasurer Gerry Herringer
Tammera Diehm
2. Pledge of Allegiance
CONSENT AGENDA
3. Approve Minutes of February 24, 2009
Approve financial report and payment of bills for February, Res. 2009-10
Motion•
Move to approve the Consent Agenda Items as listed.
BUSINESS ITEMS
4. Housing Program Discussion
a. Review of Housing funcling table for 2009-2p10
b. Anoka County Levy - Pilot Program Recommendation
c. Scattered Site TIF district (information to be provided atmeeting)
i. Preliminary Discussion
ii. Sources of funding
5. Housing Inspections (Verbal presentation)
6. Administrative Report
7. Adjourn
ECONOMIC DEVELOPMENT AUTHORITY (EDA)
REGULAR MEETING MINUTES
February 24, 2009
CALL TO ORDER/ROLL CALL
The meeting was called to order at 7:01 p.m.
Present: Gary L. Peterson, Bobby Williams, Bruce Nawrocki, Tammera Diehm,
Marlaine Szurek, Gerry Herringer and Bruce Kelzenberg
Staff Present: Walter Fehst, Scott Clark, Sheila Cartney, Cher Bakken
PLEDGE OF ALLEGIANCE
CONSENT AGENDA
Approve Minutes of January 28t" and February 9, 2009 meetings and the Financial
Report and Payment of Bills for the month of January 2009 on Resolution 2009-09.
MOTION by Szurek, second by Williams, to approve the consent agenda items as
listed. All ayes. Motion Carried.
EDA RESOLUTION 2009-09
RESOLUTION OF THE COLUMBIA HE/GHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) APPROV/NG
THE FINANCIAL STATEMENT FOR JANUARY 2009 AND PAYMENT OF BILLS FOR THE MONTH OF JANUARY
2009.
WHEREAS, the Columbia Heights Economic Development Authority (EDA) is required by Minnesota Statutes
Section 469.096, Subd. 9, to prepare a detailed financial sfatement which shows all receipts and disbursements,
theirnature, the money on hand, the purposes to which the money on hand is to be applied, the EDA's credits and
assets and its outstanding liabilities; and
WHEREAS, said Statute also requires the EDA to examine the statement and treasurer's vouchers or bills and if
correct, to approve them by resolution and enter the resolution in its records; and
WHEREAS, the financial statement for the month of January 2009 and the list of bills for the month of January 2009
are attached hereto and made a part of this resolution; and
WHEREAS, the EDA has examined the financial statement and the list of bills and finds them to be acceptable as to
both form and accuracy.
NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Columbia Heights Economic
Development Authority that it has examined the attached financial statements and list of bills, which are attached
hereto and made a part hereof, and they are found to be correct, as to form and content,~ and
BE 1T FURTHER RESOLVED the financial statements are acknowledged and received and the list of bills as
presented in writing are approved for payment out of proper funds; and
BE IT FURTHER RESOLVED this resolution and attachments are to be made a part of the permanenf records of the
Columbia Heights Economic Development Authority.
BUSINESS ITEMS
Housinq Proqram Discussion
Clark stated this item is for consideration of establishing a new housing program
directed towards foreclosure properties. Questions: 1) does the City want to become
involved in some kind of home assistance program that uses City funds; 2) what funds
are available to use for a housing foreclosure program; 3) what would be the goals
Economic Development Authority Meeting Minutes
February 24, 2009
Page 2 of 4
and/or objectives of an assistance program; 4) what type of program could be
developed and 5) what are the next steps.
Peterson stated he received a call from resident, Andy Duncan who said his concern
was that people can afford to buy the home, but when they get into it they can't afford to
fix them up. Some type of loan to help homeowners that come into this situation is
needed.
Szurek asked what the current number of foreclosures was. Clark stated it was
approximately 480, between 2007 and 2008.
Diehm stated when we decided to go with the Anoka County plan we had a PowerPoint
program that declared a certain amount of dollars on this type of program. Fehst stated
before Bob Streetar, former Community Development Director left we adopted a
housing program. Clark stated the dollars in that fund were totally separafe from these
fands. The dollars were going to be spent over 10 years, where as this money has a
wide range of uses.
Board members expressed the following concerns: 1) people are going to buy the
foreclosure homes and turn them into rental property; 2) spreading our funding too thin;
3) wanted more details before making a decision; 4) did agree with the Minneapolis
program with no income restrictions; 5) some members did not like the forgiving of the
loan as described in other City programs; 6) liked what Ramsey did by pufting a
$20, 000 mortgage on it, so they couldn't sell the home without paying it off 7) what
would be the loan cap amount; and 8) wanted low or no interest /oans.
Peterson directed staff to pursue the program options and bring more details to the next
meeting.
TIF Expansion
Clark stated the existing K-Mart/Grand Central Commons TIF district is proposed to
expand and include the Sheffield neighborhood. As part of the process the City Council
must hold a Public Hearing on the proposed extension and the EDA must request the
City Council to schedule and hold the Public Hearing.
Nawrocki asked what are the boundaries of the districts we are proposing to cover.
Cartney said it is 47t" to 46f" Avenues and Central to Fillmore.
Fehst suggested if anyone has any quesfions, they could meet with Clark tomorrow and
that if we don't act on it we would /oose a million dollars.
Motion by Kelzenberg, second by Williams, to request that at the March 9,2009 City
Council meeting the City Council call for a Public Hearing for April 13, 2009 at
approximately 7:00 pm for the K-Mart/Grand Central Commons TIF Expansion. All
ayes. Motion Carried.
Peterson stated we have been very fortunate that Carolyn Laine and Satveer
Chaudhary have been cooperating with us.
Economic Development Authority Meeting Minutes
February 24, 2009
Page 3 of 4
ADMINISTRATIVE REPORT
Scott stated the City should receive $170,000 CDBG fund award for the Sheffield area
and thanked Sheila for her hard work on the application.
Scott stated staff has been working with Met Council on the $974, 000 grant for the
parking ramp. They would like to reduce the amount due to downsizing the ramp. The
worst-case scenario would be they reduce the grant funding by 20%. The City
Manager and Mayor have been attending the meetings with staff. Khoyratty is working
on leasing the project and has Aldi's already locked in. The new site plans go before
the Planning & Zoning Commission next Tuesday night for approval.
Nawrocki asked what the status was for 37t" & Central. Sheila stated Chris Little, (37rn
& Central LLC) was still working with an auto parts store and Dunkin Donuts.
Nawrocki asked Clark to tell him about the bill that staff was trying to get legislature to
pass that would extend the TIF district. Clark stated that bill was an item that staff
brought to the board a couple of months ago. The bill was for a Five-Year Rule
extension of the Kmart/Sheffield TIF district. The rules are that within the first five years
a district is certified, you have to either incur all of your expenses within that district or
obligate a Pay-As-You-Go Note as a bond. Once the five years have passed, you can't
use the increment or make new obligations. Representative Carolyn Laine has said
that she wanted to make sure there was a consensus of the board on this. The bill has
been introduced to the Legislature. Staff inet with Senator Chadhaury and he has also
introduced the bilL
Nawrocki said he did not remember getting the information on the Five-Year Rule.
Clark stated he would provide the information to him again.
Peterson announced that Community Development Secretary, Cher Bakken's last day
with the City is this Friday due to the drastic cuts in the cities budget she is being laid
off. Cher has been here for nine years. The board thanked her for all of her work over
the years and that she will definitely be missed.
ADJOURNMENT
President, Gary Peterson, adjourned the meeting at 8:01 p.m.
Economic Development Authority Meeting Minutes
February 24, 2009
Page 4 of 4
Respectfully submitted,
Cheryl Bakken/Sheila Cartney
Community Development Secretary/Assistant Community Development Director
H:\E DAm i n utes2009\2-24-2009
EDA RESOLUTION 2009-10
RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
(EDA) APPROVING THE FINANCIAL STATEMENT FOR FEBRUARY 2009 AND PAYMENT
OF BILLS FOR THE MONTH OF FEBRUARY 2009.
WHEREAS, the Columbia Heights Economic Development Authority (EDA) is required by
Minnesota Statutes Section 469.096, Subd. 9, to prepare a detailed financial statement which
shows all receipts and disbursements, their nature, the money on hand, the purposes to which
the money on hand is to be applied, the EDA's credits and assets and its outstanding liabilities;
and
WHEREAS, said Statute also requires the EDA to examine the statement and treasurer's
vouchers or bills and if correct, to approve them by resolution and enter the resolution in its
records; and
WHEREAS, the financial statement for the month of February 2009 and the list of bills for the
month of February 2009 are attached hereto and made a part of this resolution; and
WHEREAS, the EDA has examined the financial statement and the list of bills and finds them to
be acceptable as to both form and accuracy.
NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Columbia
Heights Economic Development Authority that it has examined the attached financial statements
and list of bills, which are attached hereto and made a part hereof, and they are found to be
correct, as to form and content; and
BE IT FURTHER RESOLVED the financial statements are acknowledged and received and the
list of bills as presented in writing are approved for payment out of proper funds; and
BE IT FURTHER RESOLVED this resolution and attachments are to be made a part of the
permanent records of the Columbia Heights Economic Development Authority.
Passed this _ day of , 2009.
MOTION BY:
SECONDED BY:
AYES:
NAYS:
Attest by:
President- Gary L. Peterson
Sheila Cartney, Assistant Community Development Director
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COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: March 24, 2009
AGENDA SECTION: Business Items ORIGINATING EXECUTIVE
N0:4 DEPARTMENT: EDA DIRECTOR
APPROVAL
ITEM: Housing Program Discussion - Anoka BY: Sheila Cartney BY:
County Levy DATE: March 12, 2009
BACKGROUND:
At the February 24, 2009 EDA meeting, the Commission directed staff to further investigate a city
driven and funded housing program that would be available for individuals to purchases and/or
rehabilitate foreclosed property. As discussed at the last meeting, the objective of the program would be:
^ Owner occupied buyers
^Increasing the rate of home owner sales
^ Increasing the level of, and in some cases, ensuring that properties are being rehabilitated instead
of being purchased "as is"
^ Long term commitment of new owners to the community
^Assistance would be for foreclosure properties only; homeownership counseling would be
required for participants.
Based on this past discussion and maintaining the objectives listed above, staff is proposing a program
similar to what Broolclyn Center is administering through GMHC (attached).
Brooklyn Center is using special approved TIF money, from a past project to fund their program. Two
incentive programs are being offered: 1) a grant of 3.5% of the acquisition cost (purchase price plus
rehab costs) up to $7,000 to be used for down payment with an FHA 203K Purchase/Rehab Loan
(information attached) or other approved purchase/rehab loans. 2) A$10,000 no-interest deferred loan
that is forgivable at the end of five years if the borrower resides in the home during that time. This loan
may be used for down payment, closing costs or home repairs when used in conjunction with any prime
"A" fixed-rate first mortgage loan program. The property must be a single-family detached dwelling or
townhome and must be in a foreclosed status, which is registered as a vacant property by the City of
Brooklyn Center. Homeownership education is required.
Staff recommends combining the programs described above, albeit with some modifications to the limits
and other conditions, by providing a down payment assistance program for purchase of foreclosed homes
using a FHA 203K Loan. The highlights of the program are as follows
^ Zero percent interest-deferred loan of 3.5% of the acquisition cost (purchase price plus rehab
costs) up to $6,000
^ Loan is forgiven if borrower lives in property for 10 years
^ Loan is repaid at a prorated amount depending on the number of years they live in the house (if not
the full 10 years) For example 10% forgiveness per year.
^ No income limit
^ Must be used in conjunction with a FHA 203K loan
Limit funding to the following census tracts: 0514001, 0513052, 05143042, 0514004, and
0513022
While staff agrees this program should be for foreclosed single-family properties, staff has
recommended limiting this program to certain census tracts that have been defined as highest needs
neighborhoods by Anoka County for distribution of Neighborhood Stabilization Funds. It is staff's
opinion that by doing this there would be a greater impact on the foreclosure issues within the City. The
census tracts are listed above which are based on the high percentage of foreclosures (see attached map).
With EDA direction and approval staff proposes to use 2009 Anoka County Levy funds one-year pilot
program, which can be revisited at a later date. The program could be administered by the Community
Development Department or depending on a financial review, by Greater Metropolitan Housing
Corporation (GMHC).
RECOMMENDATION: Staff recommends the EDA approve a one-year pilot program for down
payment assistance for foreclosed homes that are purchased with a 203K loan.
RECOMMENDED MOTION: Move to approve a one-year pilot program for down payment
assistance for foreclosed homes purchased with a 203K loan, as outlined in the staff report; funded by
the 2009 Anolca County Levy.
Attachments: Brookl n Center's ro ram information, 203K ro ram information, Ma of foreclosures, census tract ma .
EDA ACTION:
c,ry r~f
SRC1C)K~LYN
_ C"ENTE~t
Program Summary
Brooklyn Center
ReNew Buyer Incentive
Program
~
~ ~~ :
Greater Metropolitan Fiousing Corporation
The Economic Development Authority (EDA) of Brooklyn Center, Minnesota (EDA) has
partnered with the Greater Metropolitan Housing Corporation to provide a down payment and
closing cost assistance program to help rebuild the housing market in Brooklyn Center. The
ReNew Buyer Incentive Program features two products. An eligible home buyer may apply for
either of the following:
ReNew Grant offers a grant of 3.5% of the acquisition cost (purchase price plus rehab costs)
up to $7,000 to be used for the payment of down payment with an FHA 203 K
Purchase/Rehab Loan, or other approved purchase/rehab loan.
ReNew Loan provides a$10,000 no-interest deferred loan that is forgivable at the
end five years if the borrower resides in the home during that time. The ReNew Loan
may be used for payment of down payment, closing costs or home repairs when
used in connection with any prime "A" fixed-rate first mortgage loan program.
ReNew Grant Guidelines
The ReNew Grant is a down payment program to help increase home ownership and
encourage reinvestment. This program offers a grant of 3.5% of the acquisition cost
(purchase price plus rehab costs) up to $7,000 when used with a FHA 203K
Purchase/Rehab Loan, or other approved purchase/rehab loan.
ReNewGrant Terms
a) Must be used with an FHA 203K loan, or other approved purchase/rehab loan.
b) A minimum of $15,000 in home improvements is required by the EDA to qualify for the
ReNew Grant funds.
c) Construction work must be completed by a licensed contractor, with applicable permits and
inspections completed.
d) A ReNew Grant agreement must be signed by the home buyer who certifies they will be an
owner-occupant.
e) Use of local contractors is encouraged.
Use of Funds
The ReNew Grant funds must be used for down payment. The borrower may not receive
any portion of these funds as cash.
Rev. 2/27/09
Eliqible Properties
a) The property must be a single family detached dwelling or townhome.
b) The property must be in a foreclosed status with the ReNew Grant recipient as the first
purchaser after the foreclosure; the property must be registered as a vacant property by
the City of Brooklyn Center. Information on how to register a property can be found at
www. citvofbrooklvncenter. orp.
c) There is no sale price limit.
d) A home inspection must be completed by a certified/licensed home inspector to determine
condition of home, needed repairs and cost.
e) The borrower's combined mortgage debt cannot exceed 100% of the appraised value.
fl Construction must start within 30 days of the purchase closing. The homeowner must
occupy the home within 60 days of the completion of the construction work and no longer
than 180 days after purchase closing.
Eliqible Borrower
Anyone who meets all the following conditions:
a) Qualifies for and is receiving an FHA 203K loan, or other approved purchase/rehab loan,
from an accredited lender; borrower does not need a co-signer to qualify.
b) Household income to housing expense ratio does not exceed 31 % or a total debt
ratio of 43%.
c) Household income may not exceed the following TIF Housing Account median income
which is adjusted annually:
- Households of 1or 2 may not exceed 100% of the TIF Housing Account median
income: $80,900.
- Households of 3 or more may not exceed 115% of the TIF Housing Account median
income: $93,035.
d) Borrower may not own other residential property or homes.
e) The borrower must be an individual person or persons. The borrower may not be a
business entity.
Homeownership Education
Borrower must complete a homeownership education class through the Homestretch
program sponsored by the Minnesota Home Ownership Center (telephone 651-659-9336 or
online at www.hocmn.orq) or a comparable approved program prior to closing on the loan.
Eliqible Primarv Financinq and Combininq of Funds
a) The ReNew Grant maybe offered in connection with any FHA 203K loan, or other
approved purchase/rehab loan, that is generally considered in the lending industry to be
an "A" or "prime" lending product.
b) The ReNew Grant may not be used with sub-prime lending products.
c) Cash buyers are not eligible for the ReNew Grant.
d) Applicants may not receive both the ReNew Loan and the ReNew Grant. However, an
applicant receiving an FHA 203K, or other approved purchase/rehab loan, can choose to
Page 2 of 5 ReNew Buyer Incentive Program Guidelines
Rev. 3/4/09
apply for the Renew Loan instead of the Renew Grant. Guidelines for the Renew Loan
follow on the next page.
e) ReNew Buyer Incentive Program funds may be combined with other assistance programs
to provide greater opportunity for the borrower to secure the purchase of a home.
ReNew Loan Guidelines
The ReNew Loan program offers a$10,000 no-interest deferred loan that is
forgiven at the end of five years to anyone buying a foreclosed home in which they will
live throughout the term of the ReNew Loan.
ReNew Loan Terms
a) Zero percent interest.
b) No monthly payment.
c) The ReNew Loan will be forgiven at the end of a five-year time period from the date of
closing if the property is owner-occupied for the full ReNew Loan term. Relative
homestead properties* do not qualify for the ReNew Loan. No part of the loan will be
forgiven for any time period less than five years.
d) The ReNew Loan is due on sale, transfer of title, when the primary mortgage is paid off,
or when the property ceases to be the owner's primary place of residence, except that in
the case of a refinance, the loan may be subordinated subject to the EDA's
Subordination Policy in effect at the time of the request for subordination. .
e) The ReNew Loan is considered a"Special Mortgage" under the terms of Minnesota
Statute 58.13. The mortgage may be subordinated as part of a refinance of the primary
loan; however, the owner must receive counseling regarding their refinance transaction.
Proof of the completion of the counseling will be required prior to approval of the
subordination.
*"Relative homestead" is a property tax classification that allows the homeowner to
retain homestead status on his or her property if a relative occupies it.
ReNew Loan Amount
Borrowers will receive up to $10,000.
Use of Funds
a) The funds may be used towards the payment of down payment or for the payment of
normal and usual closing costs. The borrower may not receive any portion of these
funds as cash.
b) The homebuyer may also use the funds to complete repairs and improvements to the
home as part of their home purchase transaction.
c) Any portion of the ReNew Loan that is not applied to the payment of down payment,
closing costs or construction costs must be repaid to the Economic Development
Authority of Brooklyn Center, Minnesota and the ReNew Loan balance will be reduced
accordingly.
Page 3 of 5 ReNew Buyer Incentive Program Guidelines
Rev. 3/4/09
Eliqible Properties
a) The property must be a single family detached dwelling or townhome.
b) The property must be in a foreclosed status with the ReNew Loan recipient as the first
purchaser after the foreclosure, and the property must be registered as a vacant
property by the City of Brooklyn Center. Information on how to register a property can
be found at www.cityofbrooklyncenter.orq.
c) There is no sale price limit.
d) A home inspection must be completed by a certified/licensed home inspector to
determine condition of home, needed repairs and cost.
e) The borrower's combined mortgage debt including the ReNew Loan cannot exceed
100% of the appraised value.
~ If applicable, construction must start within 30 days of the purchase
closing. The homeowner must occupy the home within 60 days of the completion of the
construction work and no longer than 180 days after purchase closing.
Eliqible Borrowers
Anyone who meets all the following conditions:
a) Borrower must qualify for and receive a traditional (prime or A-rated) fixed-rate first
mortgage loan; borrower does not need a co-signer to qualify.
b) Household income to housing expense ratio does not exceed 31 % or a total debt
ratio of 43%.
c) Household income may not exceed the following TIF Housing Account median income
which is adjusted annually:
- Households of 1 or 2 may not exceed 100°/o of the TIF Housing Account median
income: $80,900.
- Households of 3 or more may not exceed 115% of the TIF Housing Account median
income: $93,035.
d) The borrower must be an individual person or persons. The borrower may not be a
business entity.
Homeownership Education
Borrower must complete a homeownership education class through the Homestretch
program sponsored by the Minnesota Home Ownership Center (telephone 651-659-9336
or online at www.hocmn.orq or a comparable approved program prior to closing on the
ReNew Loan.
Loan Securitv
a) The ReNew Loan will be separately secured by a Promissory Note and Mortgage in
Page 4 of 5 ReNew Buyer Incentive Program Guidelines
Rev. 3/4/09
favor of the EDA.
b) The ReNew Loan may be secured in a subordinate lien position behind other loans.
c) No title insurance is required.
d) No mortgage clause is required in the owner's hazard insurance policy.
Eliqible Primarv Financinq and Combininq of Funds
a) The ReNew Loan may be offered in connection with any fixed-rate FHA, VA, Fannie
Mae, or Freddie Mac insured or uninsured loan product that is generally considered in
the lending industry to be an "A" or "prime" lending product.
b) The ReNew Loan may not be used with sub-prime lending products.
c) Cash buyers are not eligible for a ReNew loan.
d) Applicants may not receive both the ReNew Deferred Loan and the ReNew Grant.
e) The ReNew Buyer Incentive Program funds may be combined with other assistance
programs to provide greater opportunity for the borrower to secure the purchase of a
home.
Loan Costs
Mortgage registration tax and filing fees will be paid by the borrower(s).
Page 5 of 5 ReNew Buyer Incentive Program Guidelines
Rev. 3/4/09
~~ ~Printer-friendly page from www.hud.gov
This page is located on the U.S. Department of Housing and Urban DevelopmenYs Homes and Communities
Web site at ~p:.L/www.hud..govLfices hsg/sfh/203kL03k-_df.cfm.
203(k) Rehab Mortgage
Insurance
Summary: ~3`' Information by State
Section 203(k) insurance enables homebuyers esta Pagina en esPanoi •
and homeowners to finance both the purchase '~'
(or refinancing) of a house and the cost of its Princ ~e~5io~
rehabilitation through a single mortgage or to ° ~
finance the rehabilitation of their existing home.
Purpose:
Section 203(k) fills a unique and important need for homebuyers. When buying a
house that needs repair or modernization, homebuyers usually have to follow a
complicated and costly process. The interim acquisition and improvement loans
often have relatively high interest rates, short repayment terms and a balloon
payment. However, Section 203(k) offers a solution that helps both borrowers and
lenders, insuring a single, long term, fixed or adjustable rate loan that covers both
the acquisition and rehabilitation of a property. Section 203(k) insured loans save
borrowers time and money. They also protect the lender by allowing them to have
the loan insured even before the condition and value of the property may offer
adequate security.
For less extensive repairs/improvements, see Streamlined 203(k). For housing
rehabilitation activities that do not also require buying or refinancing the property,
borrowers may also consider HUD's Title I Home Improvement Loan program.
Type of Assistance:
Section 203(k) insures mortgages covering the purch or refinancing and
rehabilitation of a home that is at least a year old. A portion of the loan proceeds
is used to pay the seller, or, if a refinance, to pay off the existing mortgage, and
the remaining funds are placed in an escrow account and released as rehabilitation
is completed. The cost of the rehabilitation must be at least $5,000, but the total
value of the property must still fall within the FHA mortgage limit for the area. The
value of the property is determined by either (1) the value of the property before
rehabilitation plus the cost of rehabilitation, or (2) 110 percent of the appraised
value of the property after rehabilitation, whichever is less.
Many of the rules and restrictions that make FHA's basic single family mortgage
insurance product (Section 203(b)) relatively convenient for lower income
borrowers apply here. But lenders may charge some additional fees, such as a
supplemental origination fee, fees to cover the preparation of architectural
documents and review of the rehabilitation plan, and a higher appraisal fee.
Eligible Customers:
All persons who can make the monthly mortgage payments are eligible to apply.
Cooperative units are not eligible; individual condominium units may be insured if
they are in projects that have been approved by FHA or the Department of
Veterans Affairs, or meet certain Fannie Mae guidelines.
Eligible Activities:
The extent of the rehabilitation covered by Section 203(k) insurance may range
from relatively minor (though exceeding $5000 in cost) to virtual reconstruction: a
home that has been demolished or will be razed as part of rehabilitation is eligible,
Page 1 of 2
http://www.hud. gov/utilities/print/print2.cfm?page=80$^(a~http%3A%2F%2Fwww%2Ehud%2E... 3/5/2009
~.~ Printer-friendly page from www.hud.gov Page 2 of 2
for example, provided that the existing foundation system remains in place.
Section 203(k) insured loans can finance the rehabilitation of the residential
portion of a property that also has non-residential uses; they can also cover the
conversion of a property of any size to a one- to four- unit structure. The types of
improvements that borrowers may make using Section 203(k) financing include:
. structural alterations and reconstruction
. modernization and improvements to the home's function
. elimination of health and safety hazards
. changes that improve appearance and eliminate obsolescence
. reconditioning or replacing plumbing; installing a well and/or septic system
. adding or replacing roofing, gutters, and downspouts
. adding or replacing floors and/or floor treatments
. major landscape work and site improvements
. enhancing accessibility for a disabled person
. making energy conservation improvements
HUD requires that properties financed under this program meet certain basic
energy efficiency and structural standards.
Application:
Applications must be submitted through an FHA approved lender.
Technical Guidance:
Insurance for rehabilitation is authorized under Section 203(k) of the National
Housing Act (12 U.S.C. 1709(4k)). Program regulations are at 24 CFR 203.50. For
more information contact the FHA Resource Center.
For More Information:
A brochure, Rehab a Home with HUD's 203(k), is available online. A set of
questions and answers about 203(k) loans is also available.
Content current as of 11 February 2009
U.S. Department of Housing and Urban Development
451 7th Street, S.W., Washington, DC 20410
Telephone: (202) 708-1112 FiJid ~he address.._of a HUD._of ic nea~ou
http://www.hud. gov/utilities/print/print2. cfm?page=80$^(a~http%3 A%2F%2Fwww%2Ehud%2E... 3/5/2009
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