City of San Angelo Rental Rehab Program
The City of San Angelo’s Community & Housing Support Division is seeking landlords to participate in the Rental Rehabilitation Program, which offers low-interest loans to improve properties that will be rented to low- to moderate-income families.
Funded through a federal Community Development Block Grant, the program was introduced in October in response to a shortage of affordable rental homes for low-income families.
Participants will receive a partially deferred loan of up to $15,000 to rehabilitate eligible houses. Fifty percent of the loan will be amortized at a low interest rate, with the other half deferred. The deferred portion of the loan will be forgiven at the end of a five-year affordability period, during which the landlord must rent to low- to moderate-income tenants who will be vetted by City staff.
An additional $5,000 is available for siding and/or exterior paint to ensure that projects make a visual impact on their neighborhoods – an effort to support neighborhood revitalization. These funds will be added to the deferred portion of the loan.
To participate, applicants must:
- Be an independent landlord who owns no more than five properties.
- Provide a recorded warranty deed or other fee-simple deed conveying ownership in their name.
- Have no felony convictions within the past five years.
- Be current on any debts to the City of San Angelo and other local taxing entities.
- Rent to low-income tenants for five years. Family income may not exceed:
- $31,450 for a one-person household.
- $35,950 for a two-person household.
- $40,450 for a three-person household.
- $44,900 for a four-person household.
- $48,500 for a five-person household.
- $52,100 for a six-person household.
- Work with City staff, who will act as the general manager of the project.
Eligible properties must be located within the city limits and be structurally sound, as determined by City staff.
Interested landlords can schedule an appointment or obtain a list of required application documents by calling 325-655-0824 or emailing firstname.lastname@example.org. For more information, visit the Community & Housing Support page at cosatx.us.