Friday, July 12, 2013

Rental Rehabilitation Program...a Program For Landlords to Improve Their Rental Properties

On opening day of the Lagrange Street Polish Festival here in Toledo, a news crew interviewed Terry Glazer, CEO of United North, the community development corporation on the north end.  He ran down a little list of the stuff they do for businesses and homeowners in their service area.  Even I was surprised that one of them was free paint for homeowners and business owners (you supply the muscle.  For the elderly and disabled, there may be volunteers or other community groups to help you.)  They also, sometimes, can supply live plants to help your property in the United North service area look prettier. 

But amid the programs for homeowners, there was this: a rental rehab program for flats, duplexes and single family homes where the owner is in residence.  Up to $30,000 is available per building for such things as getting taxes current, roofing, furnaces, exterior paint, etc.  in the area bounded by Cherry, Bancroft, Lagrange and Delaware.  But if you are a landlord living elsewhere, there may be programs for you.

For instance, the Michigan State Housing Development Authority has a rental rehabilitation program for investment property owners in the downtown area of Michigan cities.  This won't pick up the whole tab--property owners must shoulder at least 25% of the costs.  Within Michigan, many cities have applied for this money for their own rental rehab programs.  In Grand Rapids, the program offers a rebate of 50% on improvements done within the guidelines. 

In looking for such programs, try your state's housing authority.  Also try your city's neighborhood or housing department.  You can also try community development corporations, the nonprofits created to improve the economic development of neighborhoods, cities or counties within their boundaries.  Contact your city's neighborhood or housing department, or google "community development corporations" and the name of your city or state.  I wish I had something better to tell you, but there is no nationwide director for them.  As with any other financial assistance program, whether funds exist for you depends on their current availability, in that tiny space between when they received a grant from the federal government, and when the last of it has been loaned. 

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