Federal Funds

Fitchburg can provide $50,000-100,0000 in HOME Program funding to one to two rental developments each year; typically funding is a small portion of a large development. Development project must be over 40 units of housing; City encourages no more than 25% of units to be affordable, (remaining units market rate). Funded units will be rented to eligible households earning less than 80% of area median income. The project must meet all state and local building and sanitary codes at project completion. All funding must be secured prior to formal commitment of program funding. Affordability restriction based amount of assistance; typically between 15-20 years. Annual project monitoring required. Funding is provided as zero% interest loans, repayment terms can be negotiated based on the needs of the project.