CITY OF HICKORY HOUSING REHABILITATION LOAN PROGRAM

2preservation. Both lower income and moderate income applicants shall be eligible to receiveHousing Rehabilitation Loan Assistance at 3% interest according to the following schedule:Number in Very Low Income Low IncomeHousehold (50% of Median) (80% of Median)1 $ 18,050 $18,051– 28,8502 20,600 20,601 – 32,9503 23,200 23,201 – 37,1004 25,750 25,751 – 41,2005 27,800 27,801 – 44,5006 29,850 29,851 – 47,8007 31,950 31,951 – 51,1008+ 34,000 34,001 – 54,400Revised 2/08/02This income schedule is based upon the income limits established by the U.S. Department of Housing and UrbanDevelopment on March 1, 1984 for the Section 8 Housing Assistance Payments Program and shall be updatedperiodically upon notification of revisions by the U.S. Department of Housing and Urban Development.3.0 PROPERTY ELIGIBILITY3.1 Only owner occupied units in one to four family dwellings are eligible for rehabilitationassistance. Units of a two to four family dwelling are eligible only if one is an owner occupiedunit and the others are occupied by a member(s) of the owner’s family, and assistance shall beprovided only to the extent that the other units are also income eligible. Units not occupied bymembers of the owner’s family shall not be eligible for assistance, but must be brought up intocompliance with all code standards as an eligibility requirement for assistance to the owneroccupant.3.2 Units must be located in a residentially zoned area within the City of Hickory. Residentiallyzoned property means land zoned in the R­1, R­2, R­3, R­4, R­5, R­6, O & I­1 or O & I­2categories on the Official Zoning Map of the City of Hickory.3.3 Eligible properties must be free of all nuisances as defined in Chapter 20 of the Hickory CityCode or any such nuisance conditions must be corrected by the homeowner prior to acceptanceof an application for housing rehabilitation assistance.3.4 Eligible properties must be in violation of the City's Minimum Housing Standards as defined byChapter 15 of the Hickory City Code.3.5 Eligible properties must be economically feasible to rehabilitate. To be consideredeconomically feasible to rehabilitate it must be possible to bring the dwelling into compliancewith the Minimum Housing, Section 8 and HUD energy efficiency standards with the fundsavailable under the housing rehabilitation program in combination with any owner suppliedfunds.3.6 Eligible properties must not be located in the right­of­way of any planned public improvements.3.7 Eligible properties must have all taxes and assessments paid up to date prior to acceptance of anapplication for housing rehabilitation assistance.3.8 Eligible properties must be located on a site that is not endangered by mudslides, landslides orother environmental hazards.3.9 Eligible properties located in flood hazard areas must be covered under the National FloodInsurance Program.