Rehabilitation funds are provided as conditional grants. The obligation of the homeowner is a Real Estate Mortgage to the City for five years.
Applicants agree to maintain the home without conveyance of interest or ownership for five years. If a change of status occurs, then a pro-rated repayment is required, otherwise, no out-of-pocket expense is required.
After the five year obligation is met, the mortgage lien is fully forgiven and no repayment or interest is required by the homeowner.
Over 300 Hermitage households have taken advantage of these funds during the Program’s existence.