Category: GO! Downtown, Financing
Gap financing for downtown residential development will be provided by the Phelps County Development Corporation at low interest to support renovation of downtown spaces into market rate rental property that will diversify housing options while adding vitality to the downtown core.
- PCDC gap financing will amount to no more than 50% of the total project cost or $25,000 for any one project.
- Loan repayment terms may be structured to meet specific project criteria up to and including deferred payments, extended repayment schedules and tiered repayment schedules.
- Applicant must have at least 10% equity in the project. (May include labor)
- To qualify for financial assistance, an application with appropriate conceptual plans and other documents must be submitted to the Phelps County Development Corporation, and subsequently be approved by the PCDC Loan Committee before the project begins.
- All residential development loans are provided with the expectation that the renovated space will be used as a residential space for a minimum period of five years from date of completion.Alternate uses within this period must be approved by the PCDC Loan Committee and are subject to term changes if the contract is breeched.