I'm Looking For:
Go To Home Page
    
    

rental rehab program

goal
To encourage private investors to upgrade their properties thereby increasing the affordable housing stock available to low/moderate income families.

eligible properties
Property must be located in one of the City’s "Special Emphasis Neighborhoods"

Occupancy: Property must be vacant or currently occupied by a family earning below 80% of the median family income for Greenville County.
Size: No more than 4 units.(quadraplex)
Value: The post rehabilitation value of the each unit must not exceed $90,000.
Property Standards: The property must meet or exceed the Section 8 Housing Quality Standards and the International Property Maintenance Code upon completion of the rehabilitation.Preference will be given to properties located in neighborhoods in which Community Development is active. Total assistance for all projects is limited to budgeted funds for the year.

eligible costs
Code Violations: Items that are not in compliance with minimum property standards.
Incipient Repairs: Items that are expected to need repair or replacement within the next 18 months. Maximum 10% of overall assistance.
Lead-Based Paint Hazards: Items necessary to make the property lead-safe.
General Property Improvements: Other costs that are reasonable and customary for the area, up to a maximum of 10% of the total loan amount.

loan description
Maximum Loan Amount: Up to 75% of the total rehabilitation costs (including lead-based paint hazard reduction) to a maximum of $15,000 per unit.
Equity: Owner’s equity must be at least 20% of pre-rehab value.
Interest Rate & Term: 0% for 10 years. Repayment: monthly, beginning one month after project close-out
Lien: First or subordinate with conditions.
Debt Coverage: Owner must demonstrate ability to re-pay all loan.

 long-term responsibilities
Income Restrictions: All assisted units must be available to households with total family incomes at or below 80% of the median county income for Greenville County, adjusted for household size.
Rent Requirements: Every assisted unit is subject to maximum rent limits designed to provide affordable rents to low/moderate income families. Specifically, gross rents, which includes tenant-paid utilities, must be no more than the High Home Program rent limits if HOME funds are used, and no more than the Section 8 Fair Market Rent limits if CDBG funds are used.
Affordability Period: Rent and income restrictions must remain in effect for the life of the loan. If the loan is paid back early, restrictions are terminated at that time.
Compliance Monitoring: Project files are subject to audit by City staff or other designated representative to verify compliance with the income and rent limitations as well as minimum property standards. The City may conduct such an audit at any time during the period of affordability. Hazard insurance must be maintained on all units for the duration of the loan.

lead-base paint requirements
Any unit built before 1978 must be tested for the presence of lead-based paint hazards. If lead hazards are found to exist the rehab must be performed by Certified lead-base paint workers. In some cases current tenants must be temporarily relocated. Children age 10 and under shall be removed during the rehab work unless a certified lead-base paint risk assessor determines that no hazards exist.

Online application: To download an application in acrobat pdf, click here.

Programs

Special Emphasis
Neighborhoods

Neighborhood
Master Plans

Community Development Links

Neighborhood Associations


 
Powered by the City of Greenville  © 2008 Greenville, SC. Please send any comments or suggestions to:  cityinfo@greatergreenville.com