The Rental Unit Rehabilitation Loan Program offers property owners of qualifying rental units financial assistance for the rehabilitation and improvement of existing rental units. The program offers property owners incentives to retain and improve our community’s valuable rental-housing stock while also maintaining affordability through limited annual rent increases.
As much as 50% of the project cost, up to $4,000 per rental unit, for a maximum of three rental units per property owner, may be available to help pay for improvement costs. Assistance is provided in the form of a reimbursable, matching loan which may be forgiven at the end of four years, assuming all aspects of the program have been adhered to. During the term of the loan, the property owner agrees to limit annual rent increases to no more than 3% and to 10% thereafter as long as the City’s Rent Stabilization Advisory remains in place.
To learn more about the Rental Unit Rehabilitation Loan Program including eligible improvements and additional program details please click on a link below.