NIDC:
Targeted Investment Neighborhoods TINs

The Targeted Investment Neighborhood (TIN) initiative is designed to sustain and increase owner-occupancy, provide high quality affordable rental housing, strengthen property values, and improve the physical appearance and quality of life of neighborhoods. TINs focus resources for three years on a small area, generally six to twelve city blocks.		Mayor Tom Barrett meets TIN neighbors

TIN resources are available ONLY in certain neighborhoods.
View complete list and maps of the 2008 TINs.

Bricks and mortar are just a part of what’s needed to improve neighborhoods. NIDC’s TIN program works with residents to improve the quality of life in their neighborhood. NIDC’s Community Outreach Coordinator is a liaison between the neighborhood and City departments. Staff also provides assistance with community-building and outreach.

NIDC offers three primary forms of assistance in the TINs:

Home Rehabilitation Loan Program     application

	For owner-occupants
	The Home Rehabilitation Loan Program offers forgivable and low-interest rehab loans to income-qualified owner-occupants in a TIN. Interest rates and terms are tied to income and family size. Deferred payment loans are available to elderly and disabled homeowners.
		Loans Homeowners are eligible for a $10,000 forgivable loan. Program guidelines apply, but there are no income limits. The loans bear no interest rate, and after 5 years they are forgiven. Generally only code-related exterior work is eligible.
		Program priorities   · Exterior code-related repairs such as roofing, siding, porch repairs · Lead paint abatement including replacement windows · Energy conservation · Plumbing, electrical, heating · Kitchen, bath, and other remodeling are possible The property must meet building code requirements upon completion of the rehab.
		Income Guidelines Eligibility is limited to clients with household income no greater than: Household Size Household Limit Household Size Household Limit 1 $37,900 5 $58,500 2 $43,300 6 $62,800 3 $48,750 7 $67,150 4 $54,150 8 $71,500
		Technical Assistance Experienced rehabilitation specialists perform a thorough inspection of the property, identifying problem areas. The rehab specialist writes a scope of work (a list of the work that needs to be done) and then helps owners get bids from contractors. Once the work starts, the rehab specialist makes periodic inspections to make sure the work meets program requirements.

Rental Rehabilitation Loan Program      brochure    application

	For responsible investor-owners
	The Rental Rehab Loan Program offers forgivable loans for rehabilitating rental properties located in a TIN. Generally units must have at least 2 bedrooms to qualify.
		Loan Terms Provided they meet other program requirements, landlords are eligible for forgivable loans of up to $10,000 per unit. The loans bear no interest rate, and after 5 years they are forgiven. The owner must provide at least one matching dollar for each Rental Rehab dollar received. For example, a 2/2 duplex would be eligible for up to $20,000 of Rental Rehab dollars if the landlord spends at least $20,000 of his or her own (bank loan, cash, etc) funds. The landlord is required to spend his/her money first. NIDC works only with responsible investor-owners. We check to make sure landlords are current with property taxes on all owned properties in the City and that they have a good record with the Department of Neighborhood Services (building inspection).
		Program priorities · Exterior code-related repairs such as roofing, siding, porch repairs · Lead paint abatement including replacement windows · Energy conservation · Plumbing, electrical, heating · Kitchen, bath, and other remodeling are possible The property must meet building code requirements upon completion of the rehab. In addition, the property must pass periodic re-inspections over a 5-year period.
		Tenant Income Guidelines and Rent Control Under most circumstances, income of tenants in units to be rehabilitated cannot exceed: Family Size Income Limit Family Size Income Limit 1 $37,900 4 $54,150 2 $43,300 5 $58,500 3 $48,750 6 $62,800 Landlords must provide annual re-certification of tenants’ income, and monthly rents are capped at $664 for a 2-bedroom apartment, $749 for a 3-bedroom apartment, and $807 for a 4-bedroom apartment.
		Technical Assistance The standards for the Rental Rehab Program are high. Experienced rehabilitation specialists perform a thorough inspection of the property, identifying problem areas. The rehab specialist writes a scope of work (a list of the work that needs to be done) and then helps the owner get bids from contractors. Once the work starts, the rehab specialist makes periodic inspections to make sure the work meets program requirements.

Buy In Your Neighborhood (BIYN)     brochure  

	Buy an investment property in your neighborhood
		The Buy In Your Neighborhood Program (BIYN) is a special financing program allowing homeowners to purchase a rental property within three blocks of the house in which they live. The idea behind this program is that a rental property owned by a landlord who lives in the neighborhood will be a better-managed property than one that is managed by someone who lives further away. The program loans the buyer 20% of the purchase price, to be applied toward the down payment. BIYN helps because banks typically require a 25% to 30% down payment. Read the program brochure for more information.