RESIDENTIAL REHABILITATION FORGIVABLE LOAN (RRG)

Goals/Objectives: Eliminate slum and blight, remove deterioration, and update the exteriors of existing residential buildings, with an emphasis on generally enhancing the residential neighborhoods in the CRA and to correct code violations, health and safety issues including but not limited to electrical, plumbing, roofing, windows, ac/heating and structural items including emergency repair.

 

Eligible Area: All properties within the CRA. There is a designated Focus Area defined as Sistrunk Boulevard between NW 24 Avenue and the FEC Railway, including one block north and south of Sistrunk Boulevard; as well as, 9th Avenue (between Sunrise Boulevard and Broward Boulevard), and 7th Avenue (between Sunrise Boulevard and Broward Boulevard).

 

 

Target Client: Individuals and/or families that occupy their homesteaded property. The annual household income cannot exceed 160% of the Area Median Income (AMI).

 

 

Eligible Properties: Existing single family residential properties, with an emphasis on properties within the Focus Area, whose appraised value does not exceed $300,000.

 

 

Eligible Project Costs: Generally, all costs associated with interior and exterior improvements, restoration, and/or rehabilitation are eligible for consideration (Project). The proposed Project must comply with the Plan, CRA urban design guidelines, and applicable land use regulations, subject to review/approval by the City of Fort Lauderdale Planning Division and CRA staff.

 

 

Basis/Limits of Benefits: The maximum award for the RRG is $75,000. Throughout the CRA and Focus Area, a RRG award will provide assistance to owner occupied single family homes. Owners will not require a contribution if the rehabilitation costs do not exceed a CRA award amount of $55,000. An owner cash contribution of 10% is required if the costs of the repair exceeds the available CRA funds. The owners’ cash contribution will be based on the costs that exceed $55,000. The CRA Board (and/or designee), at its sole discretion, may consider increasing the funding limits on a case-by-case basis.

 

 

Terms and Obligations: The program award will require an application and review process. The RRG will have ongoing obligations/covenants, which includes, but is not limited to a forgivable loan / lien on the applicant’s property. The maximum household income of the families assisted in this program cannot exceed 160% of the Area Median Income (AMI). The City/CRA will develop the scope of work for each project.

 

 

 

General Contractor:There must be a documented selection process for the General Contractor used for the project. Owner-occupied single family rehabilitation must use an approved General Contractor from the City’s approved contractor list.