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Metropolitan Council <br />Housing and Redevelopment Authority <br />RENTAL REHABILITATION LOAN PROGRAM <br />SUMMARY <br />Purpose <br />During the past two years, Metro HRA has offered its Section 8 <br />Moderate Rehabilitation program to rental property owners through <br />participation in the Minnesota Housing Finance Agency's (MHFA) <br />Rental Rehabilitation Loan Program. Metro HRA has now expanded <br />participation by offering the Rental Rehabilitation Program to <br />rental property owners as a separate program, as well as a source <br />of financing for Moderate Rehabilitation Program participation. <br />The Rental Rehabilitation Program provides below- market interest <br />rate rehabilitation loans to owners of rental property occupied <br />primarily by low- and moderate - income households. Metro HRA <br />is administering this program in conjunction with the Section 8 <br />Moderate Rehabilitation Program. Both programs are designed to: <br />Rehabilitate private rental units which are substandard <br />or have major building components in need of repair or <br />replacement; and <br />Provide property with energy improvements for compliance <br />with state energy conservation standards for rental <br />housing. <br />The Rental Rehabilitation Loan Program does not provide rent <br />assistance to tenants in the improved units. However, because <br />rental property qualifications vary between the two programs, <br />the Rental Rehabilitation Program will offer alternative rehabili- <br />tation opportunities to owners whose property is not feasible for <br />the Section 8 program. <br />Technical Assistance and Financing <br />Metro HRA publicizes the availability of the Rental Rehabilitation <br />Loan Program through newspaper circulation and direct mailing. <br />Property owners indicating an interest in the program are sent <br />information packets containing program requirements and the format <br />for submitting proposals. <br />As the administering agency of the program, Metro HRA provides <br />rehabilitation technical assistance to property owners by working <br />with them in determining the amount and type of rehabilitation, <br />preparing the feasibility analysis, cost estimates and detailed <br />work write -ups, and locating contractors. <br />