In order to obtain a rehabilitation loan, the following conditions must exist:
1. The Applicant for the rehabilitation loan must be an individual or family who holds title to and resides at the property; or purchaser of the property in which he/she resides under a recorded lad sales contract or recorded lease-sales agreement; or a person in possession of the property in which he resides under a contract of sale prior to closing. The title must be satisfactory in the opinion of the Village Attorney.
2. The owner or owners of the property must be lower income. In determining whether or not an Applicant qualifies as lower income, the Applicant's household income must fall within income limits listed in Appendix A.
Household income shall include, but is not limited to:
A. Total gross wages for 12 months, including overtime and other compensation for special services. (Commissions, tips, fees and bonuses).
B. Net income from business operation, including net income from real estate.
C. Non-recurring or sporadic income, such as that obtained from part-time work.
D. Interest, dividends and net royalties.
E. Full amount from annuities, periodic payments from insurance policies, retirement income, pensions, periodic benefits for disability or death or other similar payments.
F. Unemployment and workers compensation benefits, social security and disability, and dismissal wages.
G. Welfare assistance.
H. Periodic and determinable allowances. (e.g. alimony and regular contributions and gifts, including amounts received from person not residing in the dwelling).
I. All regular pay, special payments and allowances.
J. Payment to head of household for the support of a minor or payment to a minor for his/her support, but controlled for his/her benefit by the head of the household or other resident family member who shall be responsible for the minor's support.
Total bank savings and other investments may not exceed $10,000. This does not include personal possessions, such as a car, furniture or the value of the house to be rehabilitated. However, should the applicant own real estate in addition to the property to be rehabilitated, an appraisal of the additional property will be required, with the value to be included in determining the Applicant's total assets.
3. The Applicant must have all Village, County and School taxes paid on the property to be rehabilitated.
Applications can be picked up at Village Hall, 1st Floor, 9-11 Church Street, Fredonia, New York 14063, Monday thru Friday 9:00 a.m. thru 4:30 p.m. at the Village Administrator's Office.
