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RDA Residential Loan Program Homepage

RDA Loan Application

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Printable version

RDA LogoRDA Residential Loan Program

TARGETED AREA PROPERTY IMPROVEMENT PURCHASE ASSISTANCE PROGRAM "R-2"

INFORMATION PACKET

 

RDA Housing Lending Parameters and Criteria

In accordance with section 1-2-6 of RDA Ordinance 1 of 1999 of the Redevelopment Agency of Riverdale City, Utah, the following lending parameters and criteria are hereby adopted as loan policy:

Targeted Area Property Improvement
Purchase Assistance Program "R-2"
For the Improvement and/or Purchase of Owner Occupied Residential Real Properties located in an R-2 Zone that are converted from existing two-family to single-family dwellings in perpetuity by recorded agreement.

 
Very Low Income
Borrower
Low Income
Borrower
Median Income
Borrower
Household
Income
n/a
Property Improvement Assistance
for owner's conversion costs and/or qualified rehabilitation expenses.
$10,000
Property Improvement Assistance Repayment Requirements all owners
Due in full upon the sale, transfer of ownership, or change of use of the property.
Interest Rate
No Interest
0.00% APR
Purchase
Assistance
$5,000
Purchase Assistance Repayment
Requirements
all owners
Less than 5 years documented resident ownership

 

100%

Due in full upon the sale, transfer of ownership, or change of use of the property.

5 years but less than 10 years of documented resident ownership

50%

Over 10 years of documented resident
ownership

0%

Secured by
1st, 2nd, or 3rd mortgage
Fees
and Closing Costs
All actual 3rd party costs incurred by the RDA related to loan processing, document preparation, loan closing and recording will be charged to the borrower(s) and will be financed as part of the assistance proceeds.

To view a Zoning Map showing the R-2 areas click here.

 

 

RDA Housing Residential Rehabilitation Standards
and Property Improvements

In accordance with Section 1-2-3 (a)(13), and Section 1-2-3 (a)(16) of RDA Ordinance 1 of 1999 of the Redevelopment Agency of Riverdale City, Utah, the following rehabilitation standards and property improvements are hereby adopted as policy:

Residential Rehabilitation, as defined in the ordinance, means the acquisition, construction, reconstruction, renovation, demolition, replacement, extension, repair, betterment, equipping, developing, embellishing, or otherwise improving Property consistent with the following standards:
Rehabilitation
Standards
  • All rehabilitation work shall be completed by the property owner, or his/her contractor, in such a manner as is consistent with existing standards of workmanship required for such work to be completed and as is called for in the existing Riverdale City codes, or any higher standard adopted by the RDA.
  • All rehabilitation work shall enhance usefulness, fire resistance, durability, and safety, so that the property is satisfactory and safe to occupy and is not conducive to ill health, transmission of disease, infant mortality, juvenile delinquency or crime because of any one or more of the following factors:
    1. Defective design and character of physical construction;
    2. Faulty interior arrangement and exterior spacing;
    3. Inadequate provisions for ventilation, lighting, and sanitation;
    4. Age, obsolescence, deterioration, dilapidation, mixed character, or shifting of uses.
Property
Improvements
  • Property improvements shall include all those items which are necessary for a residence to meet the rehabilitation standards and may include, but are not limited to, the following structural or system work:
    1. Roofing systems;
    2. Plumbing system, including water heater and fixtures;
    3. Heating and cooling systems, (HAVC);
    4. Electrical systems
    5. Disability enhancements such as ramps, rails, and doorways

 

 

RDA Housing Program
Household Income Guidelines*

Family Size
(# of Persons in Household)
1
2
3
4
5
6
7
8
                 
Median
(100% of Median)
$50,000
$57,100
$64,200
$71,300
$77,100
$82,800
$88,500
$94,200
                 
Low
(80% of Median)
$39,950
$45,650
$51,350
$57,050
$61,650
$66,200
$70,750
$75,350
                 
Very Low
(50% of Median)
$25,000
$28,550
$32,100
$35,650
$38,550
$41,400
$44,250
$47,100
(70% of Base)
(80% of Base)
(90% of Base)
BASE
(108% of Base)
(116% of Base)
(124% of Base)
(132% of Base)

*Source: HUD FY 2014 guidelines Ogden-Clearfield, UT MSA.
Note: For each household member in excess of eight, 8% of the four-person base should be added to the eight-person income limit, e.g nine-person-family is 140% of base (132% + 8%)

 

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For additional information, or to confirm your eligibility to apply for a rehabilitation loan, visit or telephone (Monday - Friday 8:00 a.m. - 5:00 p.m.)

In Person:
RDA Housing
Riverdale City
4600 S. Weber River Drive
Riverdale, UT 84405
By Phone:
RDA Housing
801-394-5541

 

Printable version

 

 

Riverdale City - 4600 South Weber River Drive, Riverdale, Utah 84405 - 801-394-5541 - email: info@riverdalecity.com