Invest Dsm

Rental Rehab Program

Who can apply: Applicant must own an existing single-family rental or multifamily rental property with 10 or fewer units located within a Special Investment District. The property must have a valid rental certificate and no substantial outstanding code violations. The owner must be current on property taxes for all owned properties. Projects must meet at least two program goals. Applicants must provide at least 20% equity, include a 10% contingency in the budget, and keep rents affordable during the applicable forgiveness period, with rent increases limited to 2% annually.

Deadline: Applications are accepted and reviewed on a rolling basis, subject to availability of funds.

Single Family Developer Program

Who can apply: Applicant must be a prequalified developer or complete prequalification requirements, demonstrate relevant housing or redevelopment experience and financial capability, and have no unpaid property taxes, water/sewer charges or assessments, outstanding qualifying judgments, or unaddressed code violations on applicable properties. The property must be located in a Special Investment District. Eligible projects include new construction, rehabilitation, acquisition, and demolition of single-family homes. The project must demonstrate an appraisal gap, meet at least two program goals, and receive approval before work begins. Nonprofit applicants must provide evidence of 501(c)(3) status, organizational information, relevant project experience, financial statements, and evidence of good standing. The completed home must generally be sold to a buyer who will occupy it as a primary residence.