Every approved applicant signs a Residential Redevelopment Grant Agreement with the Fund before receiving any money. The full agreement is provided to approved applicants along with their written commitment letter. Nothing in it will be a surprise: its terms come directly from the Grant Program Guidelines published on this site, and the key points are summarized below so you know what you are agreeing to before you ever apply.
It is a grant, not a loan
The agreement confirms your grant amount, which covers up to 20% of qualified redevelopment costs actually incurred for your approved project, subject to a per-project cap set annually by the Board. If you meet the conditions of the agreement, the grant is never repaid. It is charitable assistance, not a loan, an investment, or compensation.
How funds are paid out
Funds are disbursed in stages as work is completed and verified, based on the milestones in your approved scope of work. Verification is straightforward documentation you would gather anyway: contractor invoices, receipts, permits, and lien waivers, or an inspection. In some cases the Fund pays your licensed contractor directly, which can reduce what you need to advance out of pocket.
Your commitments
You agree to use grant funds only for the approved scope of work, obtain required permits, use licensed and insured contractors for work that requires licensure, allow the Fund reasonable access to verify progress, and complete the project by the agreed date, with extensions available in writing for good cause. You also confirm that the information in your application is accurate, that you hold or will hold clear title, and that you are current on property taxes or enrolled in an approved payment plan.
The three-year occupancy commitment
To protect the charitable purpose of every donated dollar, you agree to live in the home as your principal residence for three years after the project is complete. If you sell or move out early, you repay only a prorated share of the grant, reduced by one thirty-sixth for every full month you lived there. The Fund can waive repayment entirely in cases of hardship such as death, disability, or involuntary relocation.
If something goes wrong
If grant funds are misused or an application contains material misrepresentations, the Fund can pause payments and require repayment of what has been disbursed. Honest delays and ordinary project complications are handled through communication and written extensions, not penalties.
Ready to apply?
Start by reviewing the Grant Program Guidelines and confirming your property is within the target area. Then download the fillable application below, complete it, and submit it with the documents listed in Section 6 of the Guidelines. Fund staff confirm threshold eligibility within ten business days of receiving a pre-application, and we aim to issue decisions within 45 days of a complete application.
Download the Grant Application (PDF)
The application is a fillable PDF. Questions about eligibility or the application may be sent to the grants contact on our Contact page.
This page is a general summary provided for information only; it is not legal, tax, or financial advice, and it does not create any entitlement to funding. The Residential Redevelopment Grant Agreement provided to approved applicants is the governing document.