Historic Homebuyer Loan Program
- About this page:
- Last Updated: June 19, 2018 June 19, 2018
The Historic Homebuyer Loan Program is available for buyers of historic properties (pre-1946) in the Hackleman Historic District. The program is intended to incent the rehab and continued owner-occupancy of historic properties.
|Program Allocation||CARA Funding||Overall Project Costs||Minimum Private Match||Fees||Rate||Terms|
|$80,000 per budget year|
Up to 50% of project costs per project.
|minimum $20,000||50% of project costs||$500||New homeowners: |
(within 24 months of home purchase)
10-year T-note rate + 1.25%
|Interest-only payments so long as property is owner-occupied.|
|Reimbursement at 50% of eligible project costs when submitted.||Homeowners: |
10-year T-note rate + 2.00%
|Balloon payment at sale or refinance of the property, or non-owner occupancy.|
10-year T-note rate + 2.75%
Eligibile applicants and properties
- Program is open to new homebuyers (those who purchased the home within 24 months); longtime homeowners; as well as flippers who are looking to purchase, rehab, and sell the property.
- Home must be located in the Hackleman Historic District.
- Home must be built prior to 1946.
- Qualifying structures include owner-occupied, single-family historic, or multifamily historic that will be converted back to single-family (may include one accessory apartment).
- Houses on the state tax-freeze are not eligible.
- Preference given to properties being converted from multifamily or to rehabilitation of severely blighted houses (including, but not limited to, code compliance cases with the City of Albany or unsafe structures).
- Minimum project size is $20,000, which is over the threshold that will trigger review by the assessor’s office.
- CARA’s loan may only be in first or second position.
- Money can be used to pay city fees such as permits, applications, etc.
- Project work must be completed in 24 months.
- CARA funds may be used for exterior alterations approved by Landmarks Advisory Commission, which will result in significant improvements.
- Funded work may also include structural work on the interior, life-safety improvements, or other work to take a multifamily structure back to single-family.
- Ad hoc applicants come to Landmarks Advisory Commission (LAC) with project description.
- Landmarks Advisory Commission approval.
- Landmark Advisory Commission recommends slate of loans for approval quarterly (January, April, July, Ocober). Applicants may resubmit if not approved in the first go-around.
- CARA Review (Does project as presented remove blight and solve blighting issues?)
- CARA preparation of documents.
- Final project review by LAC must be complete, including final permits, and final tally of project costs prior to final draw being dispursed.
- All draws approved by CARA staff.
See the General Information sheet for other important CARA program details.