Funding Opportunities (as of April 2011)

PURCHASE REHAB LOANS

The purchase and rehab loan is available for eligible borrowers purchasing a home on a target block within a Healthy Neighborhood.

Eligible Borrowers must also use this loan to make improvements to the property in conjunction with the purchase. The loan carries a fixed interest rate that's always 1% below the 60-day Fannie Mae rate but in no event less than 4%. After contributing 3% of the purchase price from their own funds, buyers may borrow the balance of funds needed to buy and renovate the home, as much as 120% of the after-rehabilitation appraisal of the property.

$3000 HEALTHY NEIGHBORHOOD BLOCK GRANTS

If you live on a HNI Target Block, your block is eligible to receive up to $3000 to increase its curb appeal:

• Talk to homeowners on your block. How can your block increase its curb appeal and home values?

• Inform Dr. Jenkins (GMCC HNI Coordinator) of your plans.

• Submit (to Dr. Jenkins) a one page description explaining: how the project ideas came about, how the project will be completed, who was involved in preparing the proposal (signatures of neighbors who will participate), who will implement the project, when will it be completed, how will neighbors contribute (sweat equity?), project budget (include quotes and estimates), amount requested, and how the items will be maintained over time.

• Your application will be forwarded to the Healthy Neighborhoods Office for review.
  

• Once your project is accepted, you will be required to provide periodic updates on your progress, receipts of all approved purchases, photos of project and a final report.