HRA Board Approves Some Changes for the Downtown Rental Rehab Program plus the Addition of a New Program to Help Finance the Owner Match!
The Hutchinson HRA is happy to announce that the Hutchinson HRA Board has approved 2 new changes to the City of Hutchinson Downtown Rental Rehab program plus the addition of a new program to help finance the owner match.
The first change to the program is that 20% of the loan will be forgiven each year over the five year term of meeting the LMI tenant & affordable rents requirements.
The second change includes being flexible with the definition of “Affordable Rents” definition as either meeting the county’s Fair Market Rents or the county’s Section 8/Voucher Program “Payment Standard” rent for the number of bedrooms in each unit.
2016 Rent Limits for McLeod County
The HRA Board also approved the addition of a new program to help finance the owner match (30% of the project cost). The new owner match program will be a 0% interest loan with principal payments amortized over five years.