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Printed 7/13/2022
<br />Info Sheet
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<br />Disaster Assistance Fact Sheet Dec
<br />2019
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<br />HUD 203(k) Rehab Mortgage
<br />Insurance (PFD)
<br />The HOVE Program: HOME
<br />investment Partnerships HUD.gov
<br />U.S. Department of Housing and
<br />Urban Development (HUD)
<br />Basement Flood Prevention and Waterproofing Grant Opportunities
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<br />karen.skepper@co:anoka:m
<br />n:us Karen Skepper 763-323-
<br />5709
<br />Additional Terms
<br />The Department prioritizes grant
<br />requests based on several
<br />considerations, including need,
<br />feasibility, and financial situation, with
<br />an emphasis placed on activities that
<br />reduce flood damages and enhance
<br />environmental benefits.
<br />The FDR grant assistance program is
<br />designed to mitigate damages due to
<br />flooding within rural and urban
<br />floodplain areas. Eligible projects have
<br />been grouped as receiving High,
<br />Medium, or Low priority.
<br />36 months to complete from the date
<br />FEMA announces selected sub -
<br />applications
<br />Single, long term, fixed or adjustable
<br />rate loan that can cover acquisition
<br />and rehabilitation of a property
<br />Interest rates are negotiated between
<br />the borrower and the lender. HUD -
<br />approved lender required
<br />To be eligible; Occupied by an income -
<br />eligible homeowner (low income,
<br />annual income < 80% median for the
<br />area), Occupy the property as principal
<br />residence. Property Value must not
<br />exceed 95% of the area median
<br />purchase price.
<br />City Contribution?
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<br />Grants; Deferred -payment
<br />loans; Non -interest -bearing
<br />loans; and Interest -bearing
<br />loans
<br />Grant Range
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<br />Mortgage up to $35,000
<br />Loan Max Amount $20,000;
<br />Max Terms 20 Years
<br />Up to 100% Costs
<br />Grant Typical Goals
<br />The Minnesota Department of Natural
<br />Resources (DNR) commissioner may also
<br />make grants to local units of government
<br />to conduct studies. These studies
<br />determine the most feasible, practical,
<br />and effective methods and programs for
<br />reducing the risk of damage due to
<br />flooding. The Division of Ecological and
<br />Water Resources coordinates this
<br />program for the DNR.
<br />Efforts have shifted to finding
<br />nonstructural flood mitigation solutions if
<br />possible. Nonstructural mitigation
<br />approaches increase in effectiveness
<br />when they are part of a broader
<br />watershed plan. This approach is better
<br />than attempting to control our rivers and
<br />their natural forces with structures like
<br />dikes, levees, and diversion ditches
<br />You may borrow up to $200,000 to repair
<br />or replace your primary home to its pre -
<br />disaster condition. But unless required by
<br />building code, you cannot use the loan to
<br />upgrade or add on to the home.
<br />Goal of reducing or eliminating claims
<br />under the National Flood Insurance
<br />Program.
<br />Quickly and easily tap into cash to pay for
<br />property repairs or improvements
<br />Improvements can be handled by you or a
<br />contractor. Loan can pay for the
<br />contractor's material and labor. Loan can
<br />only pay for materials if you do it yourself.
<br />Weatherization programs; Emergency
<br />repair programs; Handicapped
<br />accessibility programs. These types of
<br />programs may be undertaken, if the
<br />property meets or will be brought up to
<br />the applicable HOME property standards
<br />Description
<br />The Flood Hazard Mitigation Grant Assistance Program
<br />was established by the 1987 Minnesota Legislature to
<br />provide technical and financial assistance to local
<br />government units for reducing the risk and extent of
<br />flood damages. Under this program, the state makes
<br />cost -share grants for up to 50 percent of the cost of
<br />flood mitigation projects.
<br />The Flood Damage Reduction Grant Assistance
<br />Program (FDR) was created to provide technical and
<br />financial assistance to local government units for
<br />reducing the damaging effects of floods. The FDR Grant
<br />Assistance Program places a high priority on removing
<br />structures and protecting lives from the path of
<br />naturally occurring waters.
<br />The U.S. Small Business Administration (SBA) offers
<br />affordable financial help to homeowners and renters in
<br />declared disaster areas. You don't need to own a
<br />business. We provide help in the form of low -interest,
<br />long-term loans for losses not fully covered by
<br />insurance or other means.
<br />FEMA's Hazard Mitigation Assistance (HMA) grant
<br />programs provide funding for eligible mitigation
<br />activities that reduce disaster losses and protect life
<br />and property from future disaster damages including
<br />the Hazard Mitigation Grant Program (HMGP), Pre -
<br />Disaster Mitigation (PDM), Flood Mitigation Assistance
<br />(FMA) and Building Resilient Infrastructure and
<br />Communities (BRIC).
<br />FHA Limited 203(k) Mortgage permits homebuyers and
<br />homeowners to finance up to $35,000 into their
<br />mortgage to repair, improve, or upgrade their home.
<br />May be used for any improvements that will make
<br />your home more livable and useful.
<br />HOME funds may be used to assist existing
<br />homeowners with the repair, rehabilitation or
<br />reconstruction of owner -occupied units.
<br />Grant Program / Loan
<br />Name
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<br />HUD - FHA Section
<br />203(k) Rehabilitation
<br />Mortgage Insurance
<br />HUD- FHA Title I
<br />Property Improvement
<br />Loan
<br />HUD - HOME Program
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