§ 6-304. Guidelines and restrictions for grants.

Grants and grant/loan combinations will be awarded according to the following guidelines and restrictions:

(1)

Only single family owner-occupied residential housing units that are occupied as a permanent dwelling place by an eligible owner/grantee shall be eligible to be benefitted by grant funds;

(2)

The family occupying the single family owner-occupied housing unit may not have a total annual income, giving consideration to all sources of income, greater than the current department of housing and urban development's annual low income schedules;

(3)

Grants will be issued only for the purpose of repairing or rehabilitating the single family owner-occupied housing unit in such a manner as to cause the housing unit to meet the requirements of the city's codes, except in an emergency situation determined by the housing assistance board pursuant to section 6-303(c). Determinations of proposed work meeting the requirements of the city's codes will be made by the city administrator, or his designated representative;

(4)

No grant will be made in excess of fifteen thousand dollars ($15,000.00);

(5)

No grant money will be paid directly to the owner of the housing unit but will be paid to the construction firm performing the repair or rehabilitation work upon satisfactory completion as determined by the inspection by the city administrator, or his designated representative;

(6)

Any single family owner-occupied housing which receives a grant must be dedicated (by program documents) to use as low to moderate income housing for a period of ten (10) years from the date of completion of the rehabilitation work. The grant is hereby forgiven at ten (10) percent per year until the ten-year period has expired. Any loan shall be repaid to the Program over a period of time determined by affordability, as described in the loan documents and at a three (3) percent annual interest rate; and,

(7)

The total cost of repair or rehabilitation work required to cause the single family owner-occupied housing unit to meet the requirements of the city's codes shall not exceed ninety-five (95) percent of the housing unit's current assessed value.

(Ord. No. 43-13, § 1, 9-3-13)