The Condominium Assistance Program is designed to assist owner-occupants of condominium units with completing property improvements to their unit. Improvements are for only those areas, within a unit, which the owner of the unit has authority to change, alter or improve, as defined by the condominium declaration, by-laws, and or other rules and regulations as issued and adopted by the condominium association or board. Improvements to common elements and limited common elements are not within the scope of this program.
- Loans are limited to $20,000 per unit.
- Eligible properties are limited to owner-occupied condominium units.
- Applicant’s income cannot exceed 80 percent of the PMSA median incomes as established by HUD.
- Applicants whose income is at or below 50 percent of median income may qualify for a Deferred Title Transfer Loan.
- Applicants whose income is between 51 percent and 80 percent of median income may qualify for a zero percent interest Amortizing Loan with a maximum term of 10 years, or up to 50 percent of the income to expense ratio, whichever provides for a greater payment.
- All clients must meet the eligibility criteria, asset limitations, have good credit, and have clear title. Applicants cannot owe any back taxes on the property nor have outstanding adverse encumbrances, judgments or liens.
- The after-rehabilitation value of the property cannot exceed the median single family home value as determined by the City annually.
This program is subject to funding availability.
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