Rental Rehab Program for Downtown

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Description
The rental rehabilitation component is designed to help a local unit of government provide funding assistance to improve the number or income producing, investor-owned properties in a downtown area. Investors and/or owners are required to contribute a minimum of 25% of the total project cost for each rental unit being rehabilitated.
In a Blueprint community such as Ypsilanti, MSHDA’s Office of Community Development (OCD) could provide up to $25,000 in hard rehabilitation costs and up to $10,000 for lead-based paint related costs for each rental unit. Rents are then controlled for 51% of the units and must remain affordable for a period of five years. The balance of units, the other 49%, can be rented at market rates. A non-profit partner is necessary for the grant application. Contact the City for more information.