To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements. All newly constructed units must be attached to the existing dwelling.
This program can be used to accomplish rehabilitation and/or improvement of an existing one- to four-unit dwelling in one of three ways:
- to purchase a dwelling and the land on which the dwelling is located and rehabilitate it;
- to purchase a dwelling on another site, move it onto a new foundation on the mortgaged property, and rehabilitate it; or
- to refinance existing indebtedness and rehabilitate such a dwelling.