FIRST-TIME HOMEBUYER PROGRAM
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What are the property requirements? What assistance is available? FREQUENTLY Property must be located in The Housing Rehabilitation ASKED QUESTIONS ♦ Peabody. Assistance Program provides technical and financial assistance. ♦ Owners of owner occupied units must Technical Assistance: be income eligible. Housing inspection and work write- up that is used to acquire bids from ♦ Tenants of Investor Owned properties contractors. must be income eligible. Financial Assistance: ♦ Rehabilitated units must remain Who is eligible? Owner Occupied: No interest deferred affordable and rented to income payment loans, amount to be determined eligible tenants for a period of fifteen Applicants must be eligible according to by work write-up and bids received. years from completion. (An Affordable Federal Income Guidelines, which are Housing Rental Restriction will be Property must be used as principal determined yearly by HUD. Current attached to the lien.) address. income limits are as follows: No monthly payments are required. ♦ HUD requires that all units Household Size* Maximum Income rehabilitated with Federal funds Loans are paid back upon transfer, sale 1 person $46,300 comply with HUD Lead Based Paint or refinance of the property. 2 person $52,950 Provisions and the Massachusetts Loans are secured by a lien on the 3 person $59,550 Lead Law. property. 4 person $66,150 5 person $71,450 Investor Owner: 5% interest loan up to ♦ Owners will be required to apply for 6 person $76,750 $12,500 per unit. funds from other sources for lead paint removal and handicap Loan funds may be used to pay 50% of *One or more persons occupying a housing unit. the cost of rehabilitation. accessibility. Priority will be given to the following Monthly payments applicants: ♦ If your property is located required. in a Flood Hazard Area, Rehabilitated units ♦ Households with children under the you will be required to purchase flood must remain age of six. insurance, as required by the National affordable, in Households requiring modifications Flood Insurance Act of 1968. ♦ accordance with HUD guidelines for 15 for a disabled household member. years. ♦ Real estate taxes and water/sewer fee ♦ Applicants that have not previously Loans are secured by a lien on the payments must be up to date. received assistance through the property. rehabilitation program. HOUSING orientation or disability. How can funds be used? FURTHER INFORMATION Funds are used to address the following: REHABILITATION This brochure is intended to provide a ♦ Elimination of all code violations. brief overview of the program, ASSISTANCE including income and property ♦ Deleading units in accordance with both federal and state lead based paint eligibility requirements, as well as PROGRAM how to apply. regulations. ♦ Providing handicapped Should you have any further questions accessibility. regarding the Housing Rehabilitation ♦ Serious or potential hazards to health Assistance Program, please contact and safety. Stacey Bernson, Housing Program Manager, Department of Community ♦ Insuring property meets Development and Planning at Federal Housing Quality 978-538-5776. Standards (HQS) upon completion of rehabilitation. ♦ Work completed prior to submission of the application is not eligible. How do I apply for assistance? The Department of Community GUIDELINES Development administers the City of Property owners should submit a Pre- Peabody's Housing Rehabilitation Application. The information provided Assistance Program. on this form is used to determine your eligibility for assistance. The Rehabilitation Assistance Program Pre-qualified applicants will be notified is funded through the United States and placed on a waiting list. When funds Department of Housing and Urban Development (HUD), utilizing HOME become available, a full application package will be mailed to the property and Community Development Block CITY OF PEABODY owner and rehabilitation process will Grant Funds (CDBG). MASSACHUSETTS begin. Mayor Michael J. Bonfanti This program does not discriminate on the basis of race, color, national origin, gender, age, religion, familial status, sexual Note: Income limits and program policies are subject to change without notice.