Recapture agreement

The Recapture Agreement (forgivable loan) is part of the requirements of the Rehabilitation Program. This Agreement places restrictions on the home and homeowner. The Agreement has a Recapture Period of either five (5) or ten (10) years depending upon the amount of funds invested into the home, is a 0% interest loan, forgivable over the Recapture Period at 1/60^th per month for a five (5) year Recapture Period or 1/120^th per month for a ten (10) year Recapture Period. Should a title transfer occur during the Recapture Period a prorated portion of the investment in the home is paid to the funding source to release the title. The title is also release at the occurrence of the homeowner’s death.

ELIGIBILITY

Homeowners who have received the Home Weatherization Assistance Program are eligible for the Single Family Owner Occupied Rehabilitation Program. Homeowners who have received the Home Weatherization Assistance Program are placed on the Single Family Owner Occupied Rehabilitation Program listing. As funding permits these homeowners are selected for the application process based upon the priority assigned during the Home Weatherization Assistance inspection.

STEPS REQUIRED TO COMPLETE A PROJECT

v Receive the Home Weatherization Assistance Program.

v Submit the requested application and approved documentation.

v The home receives a rehabilitation inspection.

v The home is inspected for Lead-Based Paint Hazards.

v Bids are solicited from pre-approved contractors.

v All budget and programmatic regulations are met.

v Contracts and Program Agreements are executed.

v Work is performed.

v Lead-Based Paint Clearance Inspection is performed.

v Final Inspection is performed.

v Payout documentation is completed and project is closed.