Great Neighborhood Grant Eligibility Requirements
In order to qualify to receive assistance through the Great Neighborhoods Grant, applicant(s) must meet ALL of the following criteria:
- Applicant(s) must own and occupy, as your primary residence, the property where the rehabilitation work is to take place.
- Applicant(s) must have lived in the primary residence for a minimum of 18 months.
- Applicant(s) who have a claim pending or litigation pending for the repairs contemplated by this loan are ineligible.
- Applicant(s) does not own or co-own more than one residence. Applicant(s) must not have any rental properties or have co-ownership in any rental properties.
- The assessed value of homestead real property may not exceed $400,000, as determined by the Village using publicly available valuation data.
- Applicant(s) must close any open permits or code violations on the property prior to applying unless the repair is intended to correct the code violation or open permit.
- Applicant(s) must not be delinquent on utility bills. The applicant must pay all outstanding bills prior to applying.
- Be current on all existing mortgage(s) and tax assessments. If the mortgage is in forbearance, the applicant is ineligible.
- Have a current homeowners’ insurance policy and agree to maintain homeowners’ insurance for the 5-year term of the loan. The homeowners’ insurance for the property requires a maximum deductible of $2,500 and a hurricane/wind storm deductible of 5% or have a policy that provides coverage that meets the assessed value of the structure.
- Total liquid assets, excluding homestead property, may not exceed $50,000. Annuities, Life Insurance policies, retirement accounts, etc. are all considered liquid assets. No asset transfers may be made within 24 months of the grant application submittal or during the application review process. Any lump-sum additions to family assets, such as inheritance, insurance payments (including payments under health and accident insurance and worker’s compensation), capital gains and settlement for personal and property losses are considered liquid assets.
- Have a household adjusted gross income that does not exceed 120% of the Area Median Income.
2021 MAXIMUM INCOME LIMITS
Household Size Maximum Income (120% of the Area Median Income)
- If the property is located in a flood zone, you must agree to maintain flood insurance for the 5 year term of the loan. Use the interactive map below to check what Flood Zone your property is located in.
Directions: Type your address into the top right-hand box. Then click the arrows on the left-hand side. The Flood Zone legend will appear.