The amount of the forgivable loan has been increased, and applicants will receive payments over the first five years of the loan. Properties must be located south of Interstate 10 in Hancock, Harrison or Jackson Counties. The Project is only open to the repair, rehabilitation or reconstruction of stand alone single family homes that contain at least one bedroom. Properties may contain between one and four single family homes on the same legal description. Townhomes, condominiums, units that share common walls with other units, duplexes, triplexes and fourplexes will not be eligible. The Project is designed to assist tenants who are at or below 50% of the Area Median Income in the three Coastal Counties. The minimum credit score for participation in this Project is 580. Repair, rehabilitation and reconstruction must be completed within twelve (12) months of the date of the first loan disbursement. Units did not have to be rental stock at the time prior to the date of application in order to qualify. Applicants will be eligible to receive the maximum loan amount for which they are eligible regardless of the cost of repair, rehabilitation or reconstruction.
Loan Amount Schedule by Unit and Size One Bedroom $50,000 Two Bedroom $60,000 Three Bedroom $70,000
