HUNTSVILLE – In the aftermath of the Covid-19 pandemic peak, Huntsville and Madison County joined state agencies to distribute funds to needy renters affected by job cuts and losses. Now, the owners can seek financial assistance from the city.
Huntsville is offering a program for owners of low-income, multifamily rental housing in Huntsville who want to rehabilitate their properties and may qualify for funds from the Emergency Rental Assistance Program (ERA2).
The city received $4 million in ERA2 funds established in the American Rescue Plan Act of 2021 from the U.S. Department of Treasury. The funding is designed to assist eligible households with financial assistance, provide housing stability services, and as applicable, to cover the cost for other affordable rental housing serving low-income families and eviction prevention activities.
Scott Erwin, community development manager, said affordable housing assistance is at the heart of the ERA2 program. The city has earmarked the funds specifically for those who want to fix up low-income, multifamily housing.
“Anyone who owns property knows the high costs associated with the maintenance and upkeep,” he said. “This program is perfect for property owners whose investments need work, whether it’s a new coat of paint, patching walls or replacing windows. Being able to make those repairs not only benefits the owners, but it makes a huge difference to tenants who want to feel good about their living conditions.”
The City of Huntsville’s Community Development Department is accepting applications from those who meet program requirements. The deadline to apply is 5 p.m. Nov. 20.
To be considered, the multifamily properties must service low-income families who are at or below 50 percent of the area median income. Projects must also conform to program requirements of the Low-Income Housing Tax Credit, which uses tax credits to encourage private developers to build affordable housing.
Eligible property owners may apply for up to $4 million and must receive a grade of 80 or higher to be considered and include the required documents. Graded portions of the application include a project narrative, capacity and performance, budgeting and financial projections, project readiness and compliance and community outreach.
Go to www.huntsvilleal.gov for more information and to complete an application.