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RHIP is a low-interest loan program to help landlords make basic repairs or improvements, which we developed and a member of our board now manages for the Town of Brattleboro.
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What properties are eligible?
Any rental housing in the town of Brattleboro is eligible if it meets these conditions:
- At least 51% of the tenants have a total household income not higher than shown here. (Where there are two or four tenants the requirement is 50%.)
- All tenants have written rental agreements that conform to Vermont law.
- The property complies with Brattleboro zoning requirements and either complies with building, fire and health codes or will use the loan to come into compliance.
- The owner has at least 20% equity in the property to be improved.
- The owner is current with all taxes on Brattleboro property s/he owns or has an interest in.
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Number of Persons
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Annual Income (2008 limits)
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1
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$34,800
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2
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$39,750
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3
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$44,750
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4
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$49,700
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5
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$53,700
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6
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$57,650
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7
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$61,650
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What work is eligible?
A variety of repairs or improvements are eligible, including:
- Bringing the property into compliance with applicable codes
- Creation or rehabilitation of rental units in a single- or multi-family building
- Structural repairs
- Electrical, plumbing or heating improvements
- Weatherization
- Accessibility modifications
- Lead paint or asbestos abatement
Loans may not be made for routine maintenance.
Loan Terms
- Loans may be for any amount from $3,000 to $25,000.
- Loans may be for a period of up to 10 years.
- Interest will be 50% of the Prime interest rate.
- Loans will be secured by promissory notes and mortgage deeds, as applicable.
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Affordability Requirement
Borrowers will be required to keep rent and utility costs at a level affordable to low- or moderate-income tenants for 5 years or the duration of the loan, whichever is longer. For the year 2008, see table at right.
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Size of Unit
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Rent + all utilities
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Efficiency
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$1,670
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1-bedroom
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$1,759
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2-bedroom
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$1,955
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3-bedroom
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$1,117
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How do I apply?
The application process includes the following steps:
- A preliminary application form is completed.
- Loan Coordinator Byron Stookey reviews the project’s eligibility.
- A full application and processing fee are submitted. Information is required about the building’s and owner’s finances. (Personal financial information is reviewed only by a three-person credit committee and does not become public record.)
- A site visit is conducted to review the proposed work and budget.
- The Loan Review Committee reviews the application and makes a recommendation.
- The Selectboard makes the final decision on the loan.
The Loan Coordinator will be available to help you with paperwork and in meeting deadlines.
For more information or a preliminary application form, please call Byron Stookey at 257-4691 or Patricia DeNaranjo in the Town Finance Department at 251-8122.
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Copyright 2007 Brattleboro Area Affordable Housing, Brattleboro, VT 05302. All rights reserved. Site created by 2WiredGuys
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