Info Related to Home Rehab Program On City Website
IRONWOOD, MI - Wednesday, February 4, 2009 - The City of Ironwood has posted information related to the Homeowner Rehabilitation program including the district in which projects can occur, income requirements, and eligibility requirements, on it's website, www.cityofironwood.org. The eligibility requirements for the Housing Grant are as follows:
- The applicant must be an owner/occupant of a dwelling unit in the City of Ironwood NPP District.
- The property to be rehabilitated must be either a one or two dwelling unit residential building.
- The applicant's annual gross household income must meet the limits as established by the Michigan State Housing Development Authority's (MSHDA) Section 8 Existing Income Limits (SEE Below).
- The applicant's excess personal assets cannot exceed $15, 000.00.
- The applicant must have resided at the property to be rehabilitated for one year prior to the date of application.
- All delinquent real estate taxes (property taxes, special assessments, etc.) and delinquent water bills must be paid in full on the property to be rehabilitated prior to the date of the application.
- The rehabbed property must meet all City of Ironwood Ordinances, that is free of all trash, junk, junk vehicles and/or any other cause of blight.
- The assistance will be in the form of deferred loans. The Homeowner repayment amounts shall be reduced by 10% for each full examined shall be reduced by 10% for each full year of ownership and occupancy that elapses after the date of the note, up to a total of 50%.
The following Income Limits Per Household Size apply:
|
Loan |
Owner |
1 Person |
2 Persons |
3 Persons |
|
100% |
0 |
0 - 17900 |
0 - 20500 |
0 - 23050 |
|
80% |
20% |
17901 - 20587 |
20501 - 23562 |
23051 - 26500 |
|
60% |
40% |
20588 - 23275 |
23563 - 26625 |
26501 - 29950 |
|
40% |
60% |
23276 - 25962 |
26626 -29687 |
29951 - 33400 |
|
20% |
80% |
25963 - 28650 |
29688 - 32750 |
33401 - 36850 |
|
Loan |
Owner |
4 Persons |
5 Persons |
6 Persons |
|
100% |
0 |
0 - 26500 |
0 - 27650 |
0 - 29700 |
|
80% |
20% |
25601 - 29437 |
27651 - 31800 |
29701 - 34150 |
|
60% |
40% |
29438 - 33275 |
31801 - 35950 |
34151 - 38600 |
|
40% |
60% |
33276 - 37112 |
35951 - 40100 |
38601 - 43050 |
|
20% |
80% |
37113 - 40950 |
40101 - 44250 |
43051 - 47500 |
|
Loan |
Owner |
7 Persons |
8 Persons |
MAXIMUMS |
|
100% |
0 |
0 - 31750 |
0 - 33800 |
$15,000 |
|
80% |
20% |
31751 - 36512 |
33801 - 38862 |
$12,000 |
|
60% |
40% |
36513 - 41275 |
38863 - 43925 |
$9,000 |
|
40% |
60% |
41276 - 46037 |
43926 - 48987 |
$6,000 |
|
20% |
80% |
46038 - 50800 |
48988 - 54050 |
$3,000 |
If you have questions after reading this material, please contact the Community Development Department at (906) 932-5050.