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REDEVELOPMENT AGENCY
of
Riverdale City

HOUSING REHABILITATION LOAN PROGRAM

1. DWELLING must be an owner occupied residence located within city limits. (To refer to the 'Riverdale City Map' Click Here.)

2. Verified, annual household INCOME must be at, or below, median income. (Please refer to the 'Household Income Guidelines')

3. Rehabilitation WORK must qualify as to type and quality. (Please refer to the 'Rehabilitation Standards and Property Improvements'.)

4. MAXIMUM LOAN amount is $30,000. Loan rate and repayment term are dependent upon qualifying household income. (Please refer to the 'Lending Parameters and Criteria'.)

5. TARGETED AREA LOAN PROGRAM is now in effect in the targeted areas. (Please refer to the 'Targeted Area Loan Program "A"'.)

6. TARGETED AREA PURCHASE ASSISTANCE LOAN PROGRAM is now in effect in the targeted areas. (Please refer to the 'Targeted Area Purchase Assistance Loan Program "B".')

7. TARGETED AREA 550 WEST RDA PROJECT AREA RESIDENTIAL RELOCATION PROGRAM is now in effect for developers to utilize (Please refer to the 'Targeted Area 550 West RDA Project Area Residential Relocation Program "C".')

8. 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. (Please refer to the Targeted Area Property Improvement Purchase Assistance Program "R-2")

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

 

 

RDA Housing Program
Household Income Guidelines*

Family Size (# of Persons in Household)
	1	2	3	4	5	6	7	8
Median (100% of Median)	$45,500	$52,000	$58,500	$65,000	$70,200	$75,400	$80,600	$85,800
Low (80% of Median)	$36,400	$41,600	$46,800	$52,000	$56,150	$60,300	$64,500	$68,650
Very Low (50% of Median)	$22,750	$26,000	$29,250	$32,500	$35,100	$37,700	$40,300	$42,900
	(70% of Base)	(80% of Base)	(90% of Base)	BASE	(108% of Base)	(116% of Base)	(124% of Base)	(132% of Base)

*Source: U.S. Department of HUD 03/2008; State - Utah; 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%).

 

 

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 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:

Rehab Loan Program For Owner Occupied Improvements of Real Properties within City boundaries.
	Very Low Income Borrower	Low Income Borrower	Median Income Borrower
Maximum Household Income	50% of Median (per Income Schedule)	80% of Median (per Income Schedule)	Not to exceed 110%of Median (per Income Schedule)
Interest Rate	No Interest 0.00% APR	Fixed rate at 50% of the USA Today Internet Prime Rate	Fixed rate equal to the USA Today Internet Prime Rate
Loan to Value Ratio	80% of Appraised value (per county tax notice); or 95% of estimated value after rehabilitation [(per 1-2-3-(10)(A))]
Payment Requirements	No monthly payment required	Automatic direct transfer monthly payments required based upon loan amount. Loan < $10,000 - 10 year amortization Loan < $20,000 - 20 year amortization
	Due in full upon the sale, transfer of ownership, or change of use of the property. Due in full upon 6 months following death of last surviving qualifying borrower(s) with interest to accrue at a rate of 12% APR from that date until full payment of principal and interest is received.
Loan Amount	Maximum of $30,000
Secured by	1st, 2nd, or 3rd mortgage (Combined total of which must not exceed loan to Value Ratio)
Loan 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 loan amount.

 

 

Targeted Area Loan Program "A" For Owner Occupied Residential Improvements of Real Properties located: 1) On 4400 South, west of Weber River and east of Parker Drive. 2) On 700 West, south of 4350 South on the west side of the street. 3) On 1225 West, south of 5100 South and north of 5175 South.
	Very Low Income Borrower	Low Income Borrower	Median Income Borrower
Household Income	50% of Median (per Income Schedule)	80% of Median (per Income Schedule)	Not to exceed 110% of Median (per Income Schedule)
Interest Rate	No Interest 0.00% APR		Fixed rate at 50% of the USA Today Internet Prime Rate
Loan to Value Ratio	80% of Appraised value (per county tax notice); or 95% of estimated value after rehabilitation [(per 1-2-3-(10)(A))]
Repayment Requirements	No monthly payment required	Automatic direct transfer monthly payments required based upon loan amount. Loan < $10,000 - 10 year amortization Loan > $10,000 - 20 year amortization	Automatic direct transfer monthly payments required based upon loan amount. Loan < $10,000 - 10 year amortization Loan > $10,000 - 20 year amortization
	Due in full upon the sale, transfer of ownership, or change of use of the property. Due in full upon 6 months following death of last surviving qualifying borrower(s) with interest to accrue at a rate of 12% APR from that date until full payment of principal and interest is received.
Loan Amount	Maximum of $30,000
Secured by	1st, 2nd, or 3rd mortgage (Combined total of which must not exceed loan to Value Ratio)
Loan 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 loan amount.

 

Targeted Area Purchase Assistance Program "B" For Purchase Assistance of Owner Occupied Residences located: 1) On 4400 South, west of Weber River and east of Parker Drive. 2) On 700 West, south of 4350 South on the west side of the street. 3) On Ritter Drive between 1150 West and Freeway Park Drive. 4) On 1225 West, south of 5100 South and north of 5175 South.
	Very Low Income Borrower	Low Income Borrower	Median Income Borrower
Household Income	50% of Median (per Income Schedule)	80% of Median (per Income Schedule)	Not to exceed 110% of Median (per Income Schedule)
Loan Amount	$10,000	$7,500	$5,000
Interest Rate	No Interest 0.00% APR
Loan to Value Ratio	100% of Appraised value plus closing costs.
Repayment Requirements	Less than 5 years ownership	100%	Due in full upon the sale, transfer of ownership, or change of use of the property with daily interest to accrue at the prime rate on the outstanding principal until full payment of principal and interest is received.
	5 years but less than 10 years of ownership	50%
	Over 10 years of ownership	0%
Secured by	1st, 2nd, or 3rd mortgage (Combined total of which must not exceed loan to Value Ratio)
Loan 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 loan amount.

 

Targeted Area 550 West RDA Project Area Residential Relocation Program "C" For Owner Occupied Residential Real Properties located: On 500 West, for homes numbered from 4249 South to and including 4296 South.
	Very Low Income Borrower	Low Income Borrower	Median Income Borrower
Eligibility for Relocation Incentive	Developer for expenses incurred in relocating residents of all income classes.
Requirement prior to payment	Property is acquired and recorded in Developer's name. Residents are relocated to a residential area outside of the 550 West project area. Vacant housing is demolished. Parcel is graded, cleaned and prepared for sale or new construction consistent with 550 West project area plan.
Incentive Payment	To accomplish the relocation - $50,000 per residence.

 

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.

 

Monthly Payments Per $10,000 Borrowed

APR	10 Years	20 Years
2.00%	$92.00	$50.00
2.25%	$93.00	$52.00
2.50%	$94.00	$53.00
2.75%	$95.00	$54.00
3.00%	$97.00	$55.00
3.25%	$98.00	$57.00
3.50%	$99.00	$58.00
3.75%	$100.00	$59.00
4.00%	$101.00	$61.00
4.25%	$102.00	$62.00
4.50%	$104.00	$63.00
4.75%	$105.00	$65.00
5.00%	$106.00	$66.00
5.25%	$107.00	$67.00
5.50%	$109.00	$69.00
5.75%	$110.00	$70.00
6.00%	$111.00	$72.00
6.25%	$112.00	$73.00
6.50%	$114.00	$75.00
6.75%	$115.00	$76.00
7.00%	$116.00	$78.00
7.25%	$117.00	$79.00
7.50%	$119.00	$81.00
7.75%	$120.00	$82.00
8.00%	$121.00	$84.00
8.25%	$123.00	$85.00
8.50%	$124.00	$87.00
8.75%	$125.00	$88.00
9.00%	$127.00	$90.00
9.25%	$128.00	$92.00
9.50%	$129.00	$93.00
9.75%	$131.00	$95.00
10.00%	$132.00	$97.00

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