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Springfield's HOME Loan Program

Loans for the Rehabilitation of Rental Property
The HOME Program provides financing for the rehabilitation and new construction of rental housing which will be available to low income people at an affordable rent. *Qualifications for Approval* The rental property must be within the approval boundary (see map). Feasibility of property to rehab to Housing Quality Standards. The owner must have acceptable Credit and Financial condition. Adequate loan security. Agreement to affirmatively market the property after rehab.. Agreement to rent controls for the period of affordability. Generally, the debt proposals must not be more than the property is worth following rehabilitation or new construction.

Terms of the Loan

Terms are negotiable and based upon the estimated cash flow of the project. Part of the loan is paid back at 5 percent interest over 15 years, and part of the principal is deferred until a later date. The amount of the loan which is deferred and amortized is negotiated case by case.

HOME Debt

As described above, the HOME debt is partially deferred and partially amortized. The amortized portion is paid back over a 15-year period and bears 5 percent interest.

City of Springfield, Missouri
Department of Planning & Development
840 Boonville Avenue
Springfield, MO 65802 (417) 864-1031

EQUAL HOUSING OPPORTUNITY

Program Information

Springfield's HOME Loan Program

Loans for the Rehabilitation of Rental Property