[HISTORY: Adopted by the Board of Trustees of the Village of Groton 1-23-1989
by resolution. Amendments noted where applicable.]
A.
The property must be located in the Village of Groton.
B.
All village payments and/or taxes must be current.
C.
Property unit or units must be vacant and in need of
code corrections prior to being reoccupied; or property unit or units must
be occupied with documented code violations that without correction may lead
to the removal of occupants.
Owners must:
A.
Initial rent for vacant units, including all utilities,
cannot exceed 30% of 80% of the county's median household income for
a predetermined household size. (Household size is specified in the loan agreement.)
B.
The owner agrees to pay the loan in full if the property
is sold before the term of the Village's loan expires, at the option
of the Village.
C.
The owner agrees to maintain the property and make immediate
corrections to any new code violations.
D.
The owner agrees to comply with Title VIII of the Civil
Rights Act of 1968, which directly prohibits discrimination in the sale or
rental of housing on the basis of race, color, religion, national origin or
sex.
E.
All of the above will be included in the loan agreement.
F.
A promissory note will be signed for the amount of the
loan. A mortgage and mortgage note on the property will also be executed.
A.
The applicant shall complete the application with the
necessary information and return it to the Village Clerk's office.
B.
The Village Loan Committee will review the application
and make recommendations to the Village Board.
C.
The Village Board of Trustees will either approve or
deny the application.
D.
If approval is given, the owner will then sign the approval
agreement and then enter into contracts for work to be done.
E.
After the work is completed, checks will be issued to
the owner to pay the contractor.
F.
After all work is completed, all documents will be signed
and repayments will begin.
[Amended 6-20-2005 by L.L. No. 3-2005]
A.
Owner/occupants who are otherwise qualified for assistance
under this chapter will qualify for a zero-percent loan if the total household
income is below the income limits for the respective household size under
the prescribed HUD Section 8 income limits for low-income households in Tompkins
County, New York.
B.
All other owner/occupants who are otherwise qualified
for assistance under this chapter will qualify for a six-percent loan.