Sidebar Middletown's Residential Rehabilitation Loan Program-

Summary of the CDBG Residential/Mixed Use Rehabilitation Program

The Residential Rehabilitation Loan Program is being offered to homeowners in the City of Middletown in order to preserve the quality of Middletown’s housing stock. This program is designed to enhance the character of its residential neighborhoods by encouraging homeowners to rehabilitate their residential properties while assisting low and moderate-income residents.
Low interest loans are available to Middletown homeowners for up to 100% of the cost for owner occupied structures and 50% of the cost for investment properties to benefit low and moderate-income residential and mixed-use households.

    Guidelines at a Glance:
  • All residential properties in the City of Middletown are eligible depending on need.
  • The owner and/or a minimum of 50% of the tenants must be low or moderate-income households.
  • The low and moderate income requirements for Middletown are:
    • household of one is $41,700
    • household of two is $47,700
    • household of three is $53,650
    • household of four is $59,600
    • household of five is $64,350
    • household of six is $69,150
  • Term of the loan is variable depending upon ability to pay
  • Investor Properties require a 50% matching funds.
  • Rental Units must be rented at fair market rents:
    • Efficiency- $697
    • One-Bedroom- $835
    • Two-Bedroom- $1,021
    • Three-Bedroom- $1,226
    • Four-Bedroom- $1,522.
  • The interest rate is either half or two-thirds of the Prime Interest Rate rounded to the nearest quarter percent.
  • The rate for November 2008 is:
    • Homeowner Rate is 2.0%
    • Investor Rate is 2.75%.

Owner-Occupied Application

Investor Application

Residential Rehabilitation Guidelines

Home ---> Departments ---> Community Development ---> Middletown's Residential Rehabilitation Loan Program

City of Middletown Website