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RDA Residential Loan Program Homepage

RDA Loan Application

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Printable version

RDA LogoRDA Residential Loan Program

HOUSING REHABILITATION LOAN PROGRAM

INFORMATION PACKET

This program provides no-interest or low-interest loans of up to $30,000 to homeowners who meet certain income guidelines. Loan proceeds must be used to make property improvements to owner occupied Riverdale residences.

To review a section of the information packet click on an icon below:
For a printable version of the information packet click here.

Rehab Loan Program Policy

Targeted Area Rehab Loan

Household Income Guidelines

Estimated Monthly Payment

Rehab Standards

Contact Information

Loan Application

 

 

RDA Housing Lending Parameters and Criteria

In accordance with section 1-2-6 of RDA Ordinance 1 of 1999 of the Redevelopment Agency of Riverdale City, Utah, the following lending parameters and criteria are hereby adopted as loan policy:

Rehab Loan Program
For Owner Occupied Improvements of Real Properties within City boundaries.

 
Very Low Income
Borrower
Low Income
Borrower
Median Income
Borrower
Maximum Household
Income
50% of Median
(per Income
Schedule)
80% of Median
(per Income
Schedule)
Not to exceed 110%of Median (per Income Schedule)
Interest Rate
No Interest
0.00% APR
Fixed rate at 50% of
the USA Today
Internet Prime Rate
Fixed rate equal to
the USA Today
Internet Prime Rate
Loan to Value Ratio
80% of Appraised value (per county tax notice); or
95% of estimated value after rehabilitation
[(per 1-2-3-(10)(A))]
Payment Requirements
No monthly payment required
Automatic direct transfer monthly payments required based upon loan amount.
Loan < $10,000 - 10 year amortization
Loan < $20,000 - 20 year amortization
Due in full upon the sale, transfer of ownership, or change of use of the property. Due in full upon 6 months following death of last surviving qualifying borrower(s) with interest to accrue at a rate of 12% APR from that date until full payment of principal and interest is received.
Loan Amount
Maximum of $30,000
Secured by
1st, 2nd, or 3rd mortgage
(Combined total of which must not exceed loan to Value Ratio)
Loan Fees
and Closing Costs
All actual 3rd party costs incurred by the RDA related to loan processing, document preparation, loan closing and recording will be charged to the borrower(s) and will be financed as part of loan amount.

 

 


Targeted Area Rehab Loan Program "A"

For Owner Occupied Residential Improvements of Real Properties located:
1) On 4400 South, west of Weber River and east of Parker Drive.
2) On Ritter Drive west of 1150 West and east of Freeway Park Drive.
3) Properties qualifying for Targeted Area Purchase Assistance Loan Program "B".

 
Very Low Income
Borrower
Low Income
Borrower
Median Income
Borrower
Household
Income
50% of Median
(per Income
Schedule)
80% of Median
(per Income
Schedule)
Not to exceed 110% of Median (per Income Schedule)
Interest Rate
No Interest
0.00% APR
Fixed rate at 50% of the USA Today
Internet Prime Rate
Loan to Value Ratio
80% of Appraised value (per county tax notice); or
95% of estimated value after rehabilitation
[(per 1-2-3-(10)(A))]
Repayment
Requirements
No monthly payment required
No monthly payment required
Automatic direct transfer monthly payments required based upon loan amount.
Loan < $10,000 - 10 year amortization
Loan > $10,000 - 20 year amortization
Due in full upon the sale, transfer of ownership, or change of use of the property. Due in full upon 6 months following death of last surviving qualifying borrower(s) with interest to accrue at a rate of 12% APR from that date until full payment of principal and interest is received.
Loan Amount
Maximum of $30,000
Secured by
1st, 2nd, or 3rd mortgage
(Combined total of which must not exceed loan to Value Ratio)
Loan Fees
and Closing Costs
All actual 3rd party costs incurred by the RDA related to loan processing, document preparation, loan closing and recording will be charged to the borrower(s) and will be financed as part of loan amount.

RDA Housing Program
Household Income Guidelines*

Family Size
(# of Persons in Household)
1
2
3
4
5
6
7
8
                 
Median
(100% of Median)
$50,000
$57,100
$64,200
$71,300
$77,100
$82,800
$88,500
$94,200
                 
Low
(80% of Median)
$39,950
$45,650
$51,350
$57,050
$61,650
$66,200
$70,750
$75,350
                 
Very Low
(50% of Median)
$25,000
$28,550
$32,100
$35,650
$38,550
$41,400
$44,250
$47,100
(70% of Base)
(80% of Base)
(90% of Base)
BASE
(108% of Base)
(116% of Base)
(124% of Base)
(132% of Base)

*Source: HUD FY 2014 guidelines Ogden-Clearfield, UT MSA.
Note: For each household member in excess of eight, 8% of the four-person base should be added to the eight-person income limit, e.g nine-person-family is 140% of base (132% + 8%)

Estimated Monthly Payments Per $10,000 Borrowed

APR
10 Years
20 Years
1.000%
$88.00
$46.00
1.125%
$88.00
$47.00
1.250%
$89.00
$47.00
1.375%
$89.00
$48.00
     
1.500%
$90.00
$48.00
1.625%
$90.00
$49.00
1.750%
$91.00
$49.00
1.875%
$91.00
$50.00
2.00%
$92.00
$50.00
2.25%
$93.00
$52.00
2.50%
$94.00
$53.00
2.75%
$95.00
$54.00
     
3.00%
$97.00
$55.00
3.25%
$98.00
$57.00
3.50%
$99.00
$58.00
3.75%
$100.00
$59.00
     
4.00%
$101.00
$61.00
4.25%
$102.00
$62.00
4.50%
$104.00
$63.00
4.75%
$105.00
$65.00
     
5.00%
$106.00
$66.00
5.25%
$107.00
$67.00
5.50%
$109.00
$69.00
5.75%
$110.00
$70.00
     
6.00%
$111.00
$72.00
6.25%
$112.00
$73.00
6.50%
$114.00
$75.00
6.75%
$115.00
$76.00
     
7.00%
$116.00
$78.00
7.25%
$117.00
$79.00
7.50%
$119.00
$81.00
7.75%
$120.00
$82.00
     
8.00%
$121.00
$84.00
8.25%
$123.00
$85.00
8.50%
$124.00
$87.00
8.75%
$125.00
$88.00
     
9.00%
$127.00
$90.00
9.25%
$128.00
$92.00
9.50%
$129.00
$93.00
9.75%
$131.00
$95.00
     
10.00%
$132.00
$97.00

Standards and Property Improvements

RDA Housing Residential Rehabilitation Standards
and Property Improvements

In accordance with Section 1-2-3 (a)(13), and Section 1-2-3 (a)(16) of RDA Ordinance 1 of 1999 of the Redevelopment Agency of Riverdale City, Utah, the following rehabilitation standards and property improvements are hereby adopted as policy:

Residential Rehabilitation, as defined in the ordinance, means the acquisition, construction, reconstruction, renovation, demolition, replacement, extension, repair, betterment, equipping, developing, embellishing, or otherwise improving Property consistent with the following standards:
Rehabilitation
Standards
  • All rehabilitation work shall be completed by the property owner, or his/her contractor, in such a manner as is consistent with existing standards of workmanship required for such work to be completed and as is called for in the existing Riverdale City codes, or any higher standard adopted by the RDA.
  • All rehabilitation work shall enhance usefulness, fire resistance, durability, and safety, so that the property is satisfactory and safe to occupy and is not conducive to ill health, transmission of disease, infant mortality, juvenile delinquency or crime because of any one or more of the following factors:
    1. Defective design and character of physical construction;
    2. Faulty interior arrangement and exterior spacing;
    3. Inadequate provisions for ventilation, lighting, and sanitation;
    4. Age, obsolescence, deterioration, dilapidation, mixed character, or shifting of uses.
Property
Improvements
  • Property improvements shall include all those items which are necessary for a residence to meet the rehabilitation standards and may include, but are not limited to, the following structural or system work:
    1. Roofing systems;
    2. Plumbing system, including water heater and fixtures;
    3. Heating and cooling systems, (HAVC);
    4. Electrical systems
    5. Disability enhancements such as ramps, rails, and doorways

For additional information, or to confirm your eligibility to apply for a rehabilitation loan, visit or telephone (Monday - Friday 8:00 a.m. - 5:00 p.m.)

In Person:
RDA Housing
Riverdale City
4600 S. Weber River Drive
Riverdale, UT 84405
By Phone:
RDA Housing
801-394-5541

 

Printable version

 

 

Riverdale City - 4600 South Weber River Drive, Riverdale, Utah 84405 - 801-394-5541 - email: info@riverdalecity.com