Regulation .07-1 Program Grants.
Regulation .07-1 Program Grants.LinkCopy Citation
A.
The Department may make a Program loan in the form of a grant to a single family owner-occupant that meets the requirements of this regulation.
B.
To be eligible for a grant, an applicant shall:
(1)
Own and occupy the dwelling;
(2)
Be a family of very low income; and
(3)
Be unable to undertake the rehabilitation project without a grant as determined by the Department.
C.
A grant may provide for:
(1)
No required payments;
(2)
The deferral of payments; or
(3)
The reduction of the principal balance owed over a period of time.
D.
The Department shall follow Regulations .09 —.15 of this chapter for approving and processing grants.
E.
A grant may be unsecured or secured by a security instrument acceptable to the Department.
F.
The Department may establish limitations:
(1)
On the percentage of allocations and the percentage of the annual funding appropriated to the Program which may be used for grants; and
(2)
On the maximum grant amount that may be awarded for a dwelling.