Fainted Ladies Program FAQ

Questions

Answers

Tell me a little bit about the program.

The Fainted Ladies Program offers a low-interest loan to owners of historically valuable owner-occupied homes and rental properties, a maximum loan amount of $25,000 per unit (1-10 units) or $50,000 for single-family rental homes, and $50,000 for owner-occupied single-family homes in the Central City. The funds are intended primarily to protect the building’s structural integrity and improve the livability of the home

Are there any grants?

No.

What is the interest rate?

4%

What is the term of the loan?

20 years. This loan can be tailored to the individual need of the rehabilitation and can be straight loans, or a combination of amortized and deferred loans.

Is there a minimum loan amount?

Yes, $5,000 is the minimum loan amount.

What is the maximum loan amount?

The maximum loan amount is $250,000 ($25,000 x10 units) for historically significant homes located in the Central City.

What do I need to do to qualify?

We’ll send you an application package, which includes a checklist of the documents you’ll need to submit.

How long will the process take?

If we receive a complete application with all the required documents, usually about 6-8 weeks.

Will I need to come up with any cash up front?

Yes.

(They usually don’t ask this but it is important to let them know up front that there is an owner’s equity requirement)

How much?

For a rehabilitation only loan, the owner contributes 10% of the rehabilitation loan amount.

If they purchased the property in the last six months, they can include the cash they used for the down payment and/or closing costs to meet the 10% equity requirement.

For an acquisition and rehabilitation loan, the owner contribution requirement is 10% of the total project cost.

If they purchased the property in the last six months, they can include the cash they used for the down payment and/or closing costs to meet the 10% equity requirement.

What rehabilitation items does the loan cover?

The intent of the program is to assist historically valuable homes in need of significant repair that will protect and extend the life of the building. Scope of Rehabilitation is to first include the repair of major systems such as the roof, foundation, dry rot, upgraded electrical and plumbing and heat/air system. Other repairs/cosmetic improvements are available to the extent of the loan amount.

If I refinance, will the Agency subordinate to the new first loan?

No, this loan program was intended to provide short-term construction financing for historical homes that cannot obtain conventional construction financing due to their state of disrepair. Upon refinance, the loan is repayable to the Agency to provide funding for other Fainted Ladies projects.

Are there any rent restrictions?

Yes, rents must be affordable at the 110% of the median Income level and occupied by residents earning up to 120 percent of the median income.

Net Rental Rates 

NOTE: Actual Resale Price and rents are estimated and may vary due to market conditions and unit type

The Rent/Resale Restrictions apply for 45 years – owner-occupied and 55 years- non-owner occupied.