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ŝŶďƵŝůĚŝŶŐƐŽĨϱƚŽϰϬƵŶŝƚƐ When part of an overall revitalization initiative, demolition and new construction will be considered.
ŽŶƐƚƌƵĐƚŝŽŶĂŶĚƉĞƌŵĂŶĞŶƚĨŝŶĂŶĐŝŶŐĂǀĂŝůĂďůĞ
&ŝŶĂŶĐŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ
dŽďĞĞůŝŐŝďůĞĨŽƌĨƵŶĚŝŶŐƵŶĚĞƌƚŚŝƐƉƌŽŐƌĂŵƚŚĞƉƌŽũĞĐƚŵƵƐƚŚĂǀĞĂĐŽŵŵŝƚŵĞŶƚĨŽƌĂϯϬͲLJĞĂƌĨŝdžĞĚƌĂƚĞůŽĂŶǁŝƚŚƌĞƋƵŝƌĞĚŵŽƌƚŐĂŐĞŝŶƐƵƌĂŶĐĞĨƌŽŵĂƉĂƌƚŝĐŝƉĂƚŝŶŐůĞŶĚĞƌĂĐĐĞƉƚĂďůĞƚŽ,ZƚŚĂƚǁŝůůƐĞƌǀŝĐĞƚŚĞĐŽŵďŝŶĞĚĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚƉĞƌŵĂŶĞŶƚůŽĂŶƐ Limited exceptions may be granted, but all projects must have a senior loan. &ƵŶĚŝŶŐŝƐŶŽƚĂǀĂŝůĂďůĞĨŽƌƉƌŽũĞĐƚƐĨŝŶĂŶĐĞĚǁŝƚŚ>/,dƐŽƌďŽŶĚƐ, though funding may be available for projects previously financed through those programs.
ŶƚŝĐŝƉĂƚĞĚŵŽƵŶƚǀĂŝůĂďůĞ
hƉƚŽΨ60ŵŝůůŝŽŶ
WĞƌZĞƐŝĚĞŶƚŝĂůhŶŝƚDĂdžŝŵƵŵǁĂƌĚ
Generally, uƉƚŽΨϱϬϬϬϬƉĞƌŚŽƵƐŝŶŐƵŶŝƚ Up to $75,000 per unit will be considered for housing preservation projects with deeper affordability, detailed below in the Area Median Income Restrictions. WƌŽũĞĐƚƐ ĂƌĞƐƚƌŽŶŐůLJ ĞŶĐŽƵƌĂŐĞĚ ƚŽƐĞĐƵƌĞŽƚŚĞƌŶŽŶͲ,ZƐƵďƐŝĚLJƌĞƐŽƵƌĐĞƐ dŚĞŵĂdžŝŵƵŵƉĞƌƵŶŝƚĂǁĂƌĚƐĂƌĞĞdžƉĞĐƚĞĚ ĨŽƌ ƉƌŽũĞĐƚƐ ƵŶĂďůĞ ƚŽ ƐĞĐƵƌĞůĞǀĞƌĂŐĞĚ ƌĞƐŽƵƌĐĞƐ ĂŶĚŽƌ ĨŽƌƉƌŽũĞĐƚƐǁŚĞƌĞƉƌĞǀĂŝůŝŶŐǁĂŐĞƐĂƌĞƌĞƋƵŝƌĞĚ
For up to $50,000 per unit subsidy, tŚĞĂǀĞƌĂŐĞD/ŽĨƵŶŝƚƐŝŶƚŚĞƉƌŽũĞĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚϴϬйĂŶĚĂůůƵŶŝƚƐŵƵƐƚďĞĂĨĨŽƌĚĂďůĞƚŽŚŽƵƐĞŚŽůĚƐĞĂƌŶŝŶŐŶŽŵŽƌĞƚŚĂŶϭϮϬйŽĨD/ For buildings with occupied housing in need of over $50,000 per unit in subsidy, an additional $25,000 in subsidy shall require a 15% reduction in maximum household AMI (i.e. $75,000 per unit must serve an average 65% AMI).
WƌŝǀĂƚĞ>ŽĂŶƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞƉĂƌƚŝĐŝƉĂƚŝŶŐůĞŶĚĞƌϯϬLJĞĂƌƚĞƌŵ preferred. Limited exceptions may be granted for projects where the income where the developer can show evidence that affordable 30-year financing is not available or supportable.
džƉĞĐƚĞĚƉĞƌŵĂŶĞŶƚƚĞƌŵŽĨϯϬLJĞĂƌƐĨŽƌĨŝƌƐƚŵŽƌƚŐĂŐĞƐĨŽůůŽǁŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƚĞƌŵǁŝƚŚĂϯϬͲLJĞĂƌĂŵŽƌƚŝnjĂƚŝŽŶƐĐŚĞĚƵůĞShorter or lŽŶŐĞƌƚĞƌŵƐĂŶĚďĂůůŽŽŶƐǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶĂĐĂƐĞďLJĐĂƐĞďĂƐŝƐ
&ŝŶĂŶĐŝŶŐĂŶĚ^ĞƌǀŝĐŝŶŐ&ĞĞƐ
DŽŶŝƚŽƌŝŶŐ&ĞĞϭйŽĨƚŚĞƉƌŽũĞĐƚƐƌĞŐƵůĂƚĞĚƌĞŶƚ
WZK&KZDZYh/ZDEd^ĞǀĞůŽƉĞƌƐ&ĞĞ For non-profit developers, tŚĞŵĂdžŝŵƵŵĂůůŽǁĂďůĞĚĞǀĞůŽƉĞƌĨĞĞŝƐŶŽƚƚŽ
ĞdžĐĞĞĚϱйŽĨĂůůŽǁĂďůĞƉƌŽũĞĐƚƐĐŽƐƚƐĞdžĐůƵĚŝŶŐƌĞƐĞƌǀĞƐƉĂƌƚŶĞƌƐŚŝƉĞdžƉĞŶƐĞƐĂŶĚĚĞǀĞůŽƉĞƌĨĞĞ&ĞĞŵƵƐƚďĞĨƵůůLJĚĞĨĞƌƌĞĚĂƚĐŽŶƐƚƌƵĐƚŝŽŶůŽĂŶĐůŽƐŝŶŐĞǀĞůŽƉĞƌĨĞĞƐŵĂLJďĞƌĞĚƵĐĞĚƚŽŵŝŶŝŵŝnjĞƉƵďůŝĐƐƵďƐŝĚLJĂŶĚĂƌĞƐƵďũĞĐƚƚŽĂŐĞŶĐLJƌĞǀŝĞǁ For profit developers are eligible for a 2.5% developer fee, which may not be disbursed prior to permanent conversion.
A dĞĨĞƌƌĞĚĨĞĞŝƐĐŽŶƐŝĚĞƌĞĚĂŶĞƋƵŝƚLJĐŽŶƚƌŝďƵƚŝŽŶĂŶĚƐŽƵƌĐĞĨŽƌƚŚĞƉƌŽũĞĐƚĞĨĞƌƌĞĚĨĞĞĂƚƉĞƌŵĂŶĞŶƚŵƵƐƚďĞƚŚĞĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚƚŚĂƚĐĂŶďĞƌĞƉĂŝĚďLJƚŚĞƉƌŽũĞĐƚĞĚĐĂƐŚĨůŽǁĂƐƵŶĚĞƌǁƌŝƚƚĞŶĨŽƌƚŚĞĨŝƌƐƚϭϱLJĞĂƌƐĂĨƚĞƌĐŽŶǀĞƌƐŝŽŶŶLJĚĞĨĞƌƌĞĚĚĞǀĞůŽƉĞƌĨĞĞŝŶƚĞƌĞƐƚƌĂƚĞŝƐƐƵďũĞĐƚƚŽ,ZƌĞǀŝĞǁĂŶĚĐĂŶŶŽƚĞdžĐĞĞĚ&Z ůůŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĐŽŶƐƵůƚĂŶƚĂŶĚŽǁŶĞƌƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞĨĞĞƐƐŚŽƵůĚďĞƉĂŝĚĨƌŽŵĚĞǀĞůŽƉĞƌĨĞĞŽƌĨƌŽŵŽƵƚƐŝĚĞƚŚĞƉƌŽũĞĐƚďƵĚŐĞƚ
ZĞƐĞƌǀĞƐ ZĞƉůĂĐĞŵĞŶƚZĞƐĞƌǀĞĂƉŝƚĂůŝnjĞĚ Up to $ϭϬϬϬƉĞƌƵŶŝƚ
x ƌĂĨƚŽŵŵŝƚŵĞŶƚ>ĞƚƚĞƌƐƌĂĨƚĐŽŵŵŝƚŵĞŶƚůĞƚƚĞƌƐĨƌŽŵƚŚĞƉĂƌƚŝĐŝƉĂƚŝŶŐ ůĞŶĚĞƌƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨĐŽŵŵŝƚŵĞŶƚĨƌŽŵĂůůƐƵďŽƌĚŝŶĂƚĞůĞŶĚĞƌƐ
x ƉƉƌĂŝƐĂůŶŝŶĚĞƉĞŶĚĞŶƚĂƉƉƌĂŝƐĂůĂĐĐĞƉƚĂďůĞƚŽ,Z
x WŚLJƐŝĐĂůEĞĞĚƐƐƐĞƐƐŵĞŶƚŽŵƉůĞƚĞĚĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJƚŽ,Z
x dŚŝƌĚWĂƌƚLJZĞƉŽƌƚƐŽŵƉůĞƚĞĚĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJƚŚŝƌĚͲƉĂƌƚLJƌĞƉŽƌƚƐǁŝƚŚƌĞůŝĂŶĐĞůĞƚƚĞƌƐƚŽ,Z
x ŝƐĐůŽƐƵƌĞŽŵƉůĞƚĞĚĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJĚŝƐĐůŽƐƵƌĞĚŽĐƵŵĞŶƚƐĨŽƌƉƌŝŶĐŝƉĂůƐĂŶĚŬŶŽǁŶŝŶǀĞƐƚŽƌƐŝŶ ƚŚĞƉƌŽũĞĐƚĂƐƌĞƋƵŝƌĞĚďLJ,ZůůŵĞŵďĞƌƐŽĨĂŶŽŶͲƉƌŽĨŝƚďŽĂƌĚŵƵƐƚĐŽŵƉůĞƚĞƚŚĞĚŝƐĐůŽƐƵƌĞƉƌŽĐĞƐƐ
x &ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ&ŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚĐƌĞĚŝƚƌĞƉŽƌƚƐ
x ĂĐŬŐƌŽƵŶĚŚĞĐŬ^ĂƚŝƐĨĂĐƚŽƌLJĂƐĐŽŵƉůĞƚĞĚďLJ,Z
x KƉĞƌĂƚŝŶŐ^ƚĂƚĞŵĞŶƚƐ^ƵďŵŝƐƐŝŽŶŽĨƚŚƌĞĞLJĞĂƌƐŽĨĂƵĚŝƚĞĚŚŝƐƚŽƌŝĐďƵŝůĚŝŶŐŽƉĞƌĂƚŝŶŐƐƚĂƚĞŵĞŶƚƐ
x ĐĐĞƉƚĂďůĞƉƌŽũĞĐƚďƵĚŐĞƚŝŶĐůƵĚŝŶŐĂŐƌĞĞĚƵƉŽŶŝŶĐŽŵĞĞdžƉĞŶƐĞƐĂŶĚƐŽƵƌĐĞƐĂŶĚƵƐĞƐ
ŽĂƌĚĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞƋƵŝƌĞƐƚŚĞĂďŽǀĞĚŽĐƵŵĞŶƚƐƉůƵƐ
x ^YZŽŵƉůĞƚĞĚĂŶĚƐĂƚŝƐĨĂĐƚŽƌLJ^ƚĂƚĞŶǀŝƌŽŶŵĞŶƚĂůYƵĂůŝƚLJZĞǀŝĞǁĐƚ;^YZͿƌĞǀŝĞǁ
x ^,WKEŽ/ŵƉĂĐƚĚĞƚĞƌŵŝŶĂƚŝŽŶůĞƚƚĞƌĨƌŽŵƚŚĞ^ƚĂƚĞ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶKĨĨŝĐĞ;^,WKͿ
x Dt'ŽĂů WƌŽũĞĐƚŝŽŶŽŵƉůĞƚĞĞƐƚŝŵĂƚĞĨŽƌDtƵƚŝůŝnjĂƚŝŽŶŐŽĂůĨŽƌƚŚĞƉƌŽũĞĐƚ
x EWŝĨŶĞĐĞƐƐĂƌLJǁŚĞŶ&ĞĚĞƌĂůĨƵŶĚƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽũĞĐƚ
x ŽŵŵŝƚŵĞŶƚ>ĞƚƚĞƌƐdžĞĐƵƚĞĚĐŽŵŵŝƚŵĞŶƚůĞƚƚĞƌƐĨƌŽŵƚŚĞƉĂƌƚŝĐŝƉĂƚŝŶŐůĞŶĚĞƌĂŶĚ ĂůůƐƵďŽƌĚŝŶĂƚĞůĞŶĚĞƌƐŝĨĂŶLJ
x KƚŚĞƌ&ƵŶĚŝŶŐǀŝĚĞŶĐĞŽĨĂůůŽƚŚĞƌƉƌŽũĞĐƚ ĨƵŶĚŝŶŐ
x WƌŽũĞĐƚƵĚŐĞƚDƵƐƚďĞĂŐƌĞĞĚƚŽĂŶĚŝŶĨŝŶĂůĨŽƌŵĨŽƌĂůůƉĂƌƚŝĞƐ
x WůĂŶƐƵŝůĚŝŶŐƉĞƌŵŝƚƐĨƌŽŵ ƚŚĞ ůŽĐĂůũƵƌŝƐĚŝĐƚŝŽŶ ŝƐƐƵĞĚĂƐŶĞĐĞƐƐĂƌLJ
x EŽƚĞŵŽƌƚŐĂŐĞĂƐƐŝŐŶŵĞŶƚŽĨůĞĂƐĞƐĂŶĚƌĞŶƚƐĂŶĚhƐůůĚŽĐƵŵĞŶƚƐŝŶĨŝŶĂůĨŽƌŵĂĐĐĞƉƚĂďůĞƚŽĂůůƉĂƌƚŝĞƐ
x ĞƌƚŝĨŝĐĂƚŝŽŶƐƉƉůŝĐĂďůĞĐĞƌƚŝĨŝĐĂƚŝŽŶƐĂŶĚĂƚƚŽƌŶĞLJŽƉŝŶŝŽŶůĞƚƚĞƌƐ
x /ŶƐƵƌĂŶĐĞWƌŽƉĞƌƚLJĂŶĚůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŝŶĨŽƌŵ ĂŶĚƐƵďƐƚĂŶĐĞĂĐĐĞƉƚĂďůĞƚŽ,Z
x dŝƚůĞ'ŽŽĚĂŶĚŵĂƌŬĞƚĂďůĞƚŝƚůĞĨƌĞĞĂŶĚĐůĞĂƌŽĨĞŶĐƵŵďƌĂŶĐĞƐĞdžĐĞƉƚĂƐƉĞƌŵŝƚƚĞĚďLJ,Z
x dŝƚůĞ/ŶƐƵƌĂŶĐĞdŝƚůĞŝŶƐƵƌĂŶĐĞĂŶĚƐƵƌǀĞLJŝŶĨŽƌŵ ĂŶĚƐƵďƐƚĂŶĐĞĂĐĐĞƉƚĂďůĞƚŽ,Z
x ,Z EĂŵĞĚĞŶĞĨŝĐŝĂƌLJŽĐƵŵĞŶƚĂƚŝŽŶǁŝůůƌĞƋƵŝƌĞƚŚĂƚ,Z ďĞŶĂŵĞĚĂďĞŶĞĨŝĐŝĂƌLJŽŶƐĞǀĞƌĂůĚŽĐƵŵĞŶƚƐŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽŝŶƐƵƌĂŶĐĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĐŽŵƉůĞƚŝŽŶŐƵĂƌĂŶƚĞĞƐ
x DtWůĂŶŶ DthƚŝůŝnjĂƚŝŽŶWůĂŶ ĂĐĐĞƉƚĂďůĞƚŽƚŚĞĂŐĞŶĐLJ
x &ĂŝƌDĂƌŬĞƚŝŶŐWůĂŶ&ĂŝƌDĂƌŬĞƚŝŶŐWůĂŶ ĂĐĐĞƉƚĂďůĞƚŽ,ZƐKĨĨŝĐĞŽĨ&Ăŝƌ,ŽƵƐŝŶŐĂŶĚƋƵĂůKƉƉŽƌƚƵŶŝƚLJ
x ŐƌĞĞŵĞŶƚŽŶĂŶLJƌĞĂůĞƐƚĂƚĞƚĂdžĞdžĞŵƉƚŝŽŶĂďĂƚĞŵĞŶƚŵƵƐƚďĞŝŶƉůĂĐĞ
x ƉƉƌŽǀĂůĨƌŽŵƚŚĞEz^ƚƚŽƌŶĞLJ'ĞŶĞƌĂůKĨĨŝĐĞĨŽƌƉƌŽƉĞƌƚLJƐĂůĞĨƌŽŵŶŽŶͲƉƌŽĨŝƚĞŶƚŝƚLJ
x ŐƌĞĞŵĞŶƚŽĨĂŶLJƌĞŶƚĂůĂŶĚŽƉĞƌĂƚŝŶŐƐƵďƐŝĚŝĞƐŵƵƐƚďĞŝŶƉůĂĐĞ