Federal, County, State or any type of funding for privately owned apartment

Is funding available through the Goverment or any other oganization available for privately owned apartments? We are envolved with the good landlord program with our city, we accept section 8 and other low income housing. We are in the inner city and are in great need of upgrading these apartments. Some are historic buildings. Any information wouldbe greatly appreciated.

Yes, there is money available for renovations. How big is your property, how much work needs to be done, and do you already have the historic designation?

Yes, there are many different types of funding for privately owned assets. It really depends what you want to accomplish short and long term. For example, if you go with an affordable housing fund (LIHTC, BOND, SAIL, etc.) then you have to be prepared for a long-term holding agreement (15+ years) and compliance with their regulations. If you go with a local City redevelopment fund, then you might now be required to do a long-term hold, but they might be some local regulations you will need to comply.

I guess the best way to really answer these questions is to determine your goals, the city and state you’re located and the size of the asset. However, there are many different types of funding available for you, you will just need to see what best fits your needs.

Thanks,
Pedro