The assistance is provided in the form of a grant not to exceed $25,000 and a Restrictive Covenant with a term of 5-years is recorded. The grant is forgiven based on the invested project amount, with an equal amount over the covenant term.
This amount will not include the following costs, if necessary:
- Environmental
- Lead remediation
- Administrative soft costs necessary to engage the applicant and property
If a home is vacated or leased during the term of the grant, the outstanding balance is due immediately and payable in full with interest.