For Investor Owners who rent to others

The Housing Development Division provides loans to residential Investor Owners for essential housing rehabilitation through the Housing Rehabilitation Program.

The program can provide a loan for up to half of the cost of eligible rehabilitation at an interest rate of 0%.  The Investor Owner provides the remaining funds from his/her own resources.  The maximum loan amount is $25,000 for up to four units or half of the cost of rehabilitation, whichever is less.  Repayment is determined on a case-by-case basis not to exceed 15 years.  The loan is secured by a Deed of Trust on the property.

The property must be located within the city limits of Colorado Springs and the rents must be at or below rent levels determined by the funding source.  Tenants cannot be displaced as a result of rehabilitation.

Fair Market Rents for 2009 - if Owner pays Utilities

Efficiency	$562
1 Bedroom	$630
2 Bedrooms	$796
3 Bedrooms	$1136
4 Bedrooms	$1344

HOME Rents for 2009 - if Owner pays Utilities

	Low rents	High rents	50% rents	65% rents
Efficiency	562	562	620	785
1 Bedroom	630	630	663	843
2 Bedrooms	796	796	796	1013
3 Bedrooms	920	1136	920	1162
4 Bedrooms	1026	1276	1026	1276

For more information call 719-385-5912 or e-mail housingdevelopment@springsgov.com.