The Mixed Use Rental Assistance Loan Program will provide funds for repairs and renovations in apartments located over street-level retail stores along Detroit and Madison Avenue

Funds for Apartment Renovations

• Up to $15,000 per unit not to exceed 70% of the redevelopment costs excluding any storefront funds. (Maximum per project is $75,000 or five units.)
• A major upgrade and improvement of the property is an expected outcome.
• Project must also complete the Storefront Renovation Program 

Requirements

• Renovations must be approved in advance and inspected before payment when work is complete
• Funds will be paid directly to contractor for completed and inspected work items only.
• All assisted units must be occupied by income eligible households as outlined below:

• Rents must be at rates at or lower than the rents listed below:

Please note the above may change and that standard utility allowance for tenant paid gas, electric, water and/or sewer bills must be deducted from the rents above.

Repayment terms

Loan payments and interest will be deferred for 5 years and half of the loan principal will be forgiven after five years if household income and rent limits are met for that time period.