Special Loan Table

            SPECIAL LOAN PROGRAMS
Grants Loans
Amortizing                             Deferred
Special Requirements
Must be in target area or must plan to utilize an innovative lead hazard reduction treatment
 
Underwriting must show no affordability to repay loan or property does not have sufficient value to secure debt
N/A
Only if underwriting shows no affordability to repay loan
Annual Sponsor Maximum $100,000 N/A $100,000
Unit Maximum $25,000 $25,000 $25,000
Loan Terms N/A 0%-7%, 20 Years 0%, 20 Years
Match Requirement
20% For-Profit sponsor
 
10% Nonprofit sponsor
 
10% Owner-Occupants with income above 80% of median
 
N/A Owner-Occupants with limited incomes (i.e. income is less than 80% of median)
N/A N/A
Fees
For-Profit sponsor must pay
 
Nonprofit sponsor and Owner-Occupants of limited income may include fees in financing
For-Profit sponsor must pay
 
Nonprofit sponsor and Owner-Occupants of limited income may include fees in financing
For-Profit sponsor must pay
 
Nonprofit sponsor and Owner-Occupants of limited income may include fees in financing
Debt-to-Value N/A 100%
100%
Exceptions for Owner-Occupant property with lead-affected household
Loan Forgiveness N/A N/A If no equity is available to repay the loan upon resale, transfer or after 20 years, then forgiveness may be considered.

Notes

Licensed day care centers are eligible to apply
Clearance testing is required
Unless otherwise noted, the sponsor will be responsible for all fees and charges associated with application and closing.​​​​​​​