Rental Property Repairs Available
Monday, December 04, 2017
Whether it is for a new roof or a new bathroom, landlords looking to improve their properties have a great opportunity. Rental property owners can receive up to $15,000 in matching funds to renovate their single family properties under a program operated by the Northeast South Dakota Economic Corporation (NESDEC). The financial support will be in the form of a forgivable loan.
The program requires that property owners supply funds at least equal to NESDEC funding for a proposed project. The minimum total cost of a project is $6,000 ($3,000 from the owner and $3,000 from NESDEC). NESDEC’s maximum contribution may not exceed $15,000. If all requirements are met, the loan is forgiven and converted to a grant, and the owner need not repay any of the NESDEC funding. Some requirements include that tenants in the property must meet income guidelines, the owner must pledge to limit rent during the loan period of five years, and the property must meet habitability standards. Other requirements also apply. NESDEC will work with owners to inspect the property, assess plans, obtain estimates, and oversee renovations.
Funding for the Single-family Rental Home Improvement program comes from the South Dakota Housing Opportunity Fund through the South Dakota Housing Development Authority. Individual project funding is dependent on funding availability and service area priority
Category: GROW SD