Housing Revolving Loan Fund Programs (RLF)
Loans are provided to very low, low and moderate-income level homeowners in amounts ranging, on average, from $3,000 to $38,000 per unit secured by a mortgage. Eligible properties for this program are any single-family dwelling units that have substandard conditions and are in need of rehabilitation, providing:
- The property has an after-rehabilitation appraised value at or below the current HOME Homeownership Value Limits of $152,000 as of April 1, 2018 (subject to change; verify with the Housing Specialist).
- The property is located within the corporation limits of the City of Bowling Green.
- The property owner is at or below 80% of the Wood County median income and has clear title to the property.
Housing RLF Down Payment Assistance with Rehabilitation
This program provides assistance to very low, low and moderate-income households that lack sufficient funds to purchase or purchase/rehabilitate a property in need of repair. Loan amounts range, on average, from $1,000 to $40,000. The City will calculate the amount of assistance allowed based on the following:
- The total down payment required to reduce the housing cost to an amount at or near 30% of the homeowner's gross monthly income.
- The amount required to correct all deficiencies on the purchase property.
Loan Financial Mechanism for the Housing RLF Programs
All loans for the RLF Owner-Occupied Rehabilitation, Down Payment Assistance and Down Payment Assistance/Rehabilitation programs are zero interest deferred payment loans (a mortgage is placed on the property) in effect until the property is sold, title is transferred or property ceases to be the primary residence of the applicant. 50% of the loan will be forgiven if the applicant owns the property after the complete tenth year, providing the loan is in good standing and in adherence with other program guidelines.
For More Information
For more information on the above programs and application packets, please contact the City of Bowling Green Housing Specialist. For persons with speech and/or hearing impairments, contact us through the Ohio Relay Network.