HOMEOWNER REHABILITATION FACT SHEET
ALL HOMES MUST:
be owner occupied by the deed holder.
be owner for 5 or more years.
have no mortgage
be in need of repair.
REHAB HOMES ONLY
A home that costs $25,000. or less to rehabilitate to code is considered a rehab project.
A rehab project in the amounts up to $25,000 is forgivable over a period of ten years beginning the first year.
A ten year forgivable mortgage and note will be signed and recorded at the courthouse. It will be a lien against the property.
RECONSTRUCTION PROJECTS ONLY:
A home that costs more than $25,000 to rehabilitate is considered a reconstruct because the existing home will be torn down and replaced with a new home.
A reconstruction project for the first $25,000 is forgivable over a period of ten years beginning the first year with a note and mortgage recorded at the courthouse.
any amounts over $25,000 for the construction of the new home will be charge to the owner at a 1% interest for up to twenyt years. A mortgage and note will be signed and recorded at the courthouse.
AFTER REHAB/RECONSTRUCTION IS COMPLETED:
The owner is required to:
live in the unit as his/her primary residence.
keep insurance on the home.
pay the property taxes.
Keep the home in good condition.
allow the staff of the Drew County Public Facilities Board annual inspection of the home.
If you are interested in applying for these funds please complete an application and return it to our office with a copy of the deed to the property.
Please feel free to contact Samantha Berry @ 367-3973 for any questions.
