Laserfiche WebLink
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 /> • rep.lacement.;_ 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 />