Eligibility requirements per the Department of Homes and Community Renewal (HCR) as of February 2025. Please visit HCR's website to confirm accuracy.
Eligible Participants
An eligible participant must meet the following criteria:
- Ownership: must be the legal owner of one of the following:
- 1-5 unit residential property
- Mixed-use building with up to five (5) housing units
- Other buildings that will be converted to one of the above
- Compliance Period: A 10-year Regulatory Period will be required during which the owner must be willing to execute an agreement and rental covenant on assisted units that will subject units to rent limits and other requirements.
Eligible Activities
Funding may be used to improve and rehabilitate vacant housing units and other vacant spaces, including commercial spaces, that are currently uninhabitable or unmarketable into safe, quality, and affordable rental units. These repairs and improvements may include health and safety improvements, correction of code violations and/or updating spaces to meet residential standards, accessibility modifications, environmental remediation, and other repairs determined by the local program administrator as necessary to rehabilitate vacant units.
