22.220.090 - Loans and grants to owners
A.
The Director of Housing may authorize loans and grants to owners and receivers from
the Housing Program Support Fund described in Section 22.220.100 and/or from such Community Development Block Grant funds or other similarly restricted
funds as may have been appropriated for the rehabilitation of rental units downtown
or may in the future be appropriated specifically for the repair of low income rental
units pursuant to this Chapter 20.220. Such loans and grants shall be made only for
the reasonable cost of repairs necessary to make low income rental units habitable
and for the reasonable cost of any other repairs to the building in which such units
are located which are necessary to make such units habitable. Such loans and grants
shall be made only in accordance with the criteria set forth in this Section 22.220.090.
B.
The Director of Housing may make grants for repairs necessary to make low income rental
units habitable. The maximum grant amount shall be Three Thousand Dollars ($3,000)
per unit, to be awarded after the owner has committed his or her own maximum contribution
to the repair of a unit.
C.
The Director of Housing may extend loans for the repair of low income units as follows:
1.
The maximum loan amount shall be Six Thousand Dollars ($6,000) per unit.
2.
The Director of Housing may authorize the forgiveness of such loans at a rate of twenty
(20) percent per year, with a maximum forgiveness of One Thousand Dollars ($1,000)
per year for each year the unit remains available for low income occupancy, such forgiveness
to continue until the entire amount has been forgiven; provided that the unit continues
to be available for low income occupancy during the entire forgiveness period.
3.