DOES THE LHCA FUND GIVE GRANTS?
The LHCA Fund does not give grants but if you qualify you could get a loan with provisions for forgiveness. A loan with provisions for forgiveness means that you would be borrowing the money with the understanding that a portion of the loan will be forgiven each year that you meet certain conditions established by the LHCA Fund. A forgiven portion is treated as if you had paid that amount back to the LHCA Fund. To qualify for a loan with provisions for forgiveness, the building must have no more than 4 dwelling units and you must use one of the dwelling units as your principal residence and you must prove that your household is a low income household. A low income household is one where the total household income is 80% of the gross median income (Income limits as of 3/20/07 – PDF File 55 kb) for the region as established by the US Department of HUD. All owners listed on the deed must use the dwelling as their primary residence. Ownership entities other than individuals (i.e., corporat
The LHCA Fund does not give grants but if you qualify you could get a loan with provisions for forgiveness. A loan with provisions for forgiveness means that you would be borrowing the money with the understanding that a portion of the loan will be forgiven each year that you meet certain conditions established by the LHCA Fund. A forgiven portion is treated as if you had paid that amount back to the LHCA Fund. To qualify for a loan with provisions for forgiveness, the building must have no more than 4 dwelling units and you must use one of the dwelling units as your principal residence and you must prove that your household is a low income household. A low income household is one where the total household income is 80% of the gross median income (Income limits as of 4/25/08 – PDF File) for the region as established by the US Department of HUD. All owners listed on the deed must use the dwelling as their primary residence. Ownership entities other than individuals (i.e., corporations,
