Rental Reinvestment Program

Rental Reinvestment Program

The Rental Reinvestment Partnership provides five year forgivable loans for moderate rehabilitation of existing rental units. The units will be rent and income restricted for five years. Loans of up to $14,999 or 50% of the per unit costs (whichever is less) are available. Eligible expenses include window and roof replacement, heating and cooling systems, energy related improvements, abatement of lead-paint, or improvements necessary for persons with disabilities. Owners must contribute a minimum of 50% of the per unit costs. However, owners of rehabilitated units south of Southern Road agreeing to participate in the city's Section 8 Housing Assistance Program may receive loans of up to $14,999 or 75% of the per unit costs (whichever is less); owners must contribute a minimum of 25% of the per unit costs. The minimum city investment is $1,000.
Owners (individuals, non-profit or for profit corporations) of single and multi-family units are eligible to apply. However, no more than four units in a single development by the same owner may be rehabilitated.

The following income limits may not be exceeded by the tenants of the rental unit being rehabilitated:

1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
$26,940	$30,840	$34,680	$38,520	$41,580	$44,700	$47,760	$50,820

Additionally, the landlord may not charge more than the lesser of High Home Rents or Fair Market Rents as established by the Department of Housing and Urban Development . The charts below indicate the most recent rent limits.

High Home Rents (3/2007) Fair Market Rents (2008)

Studio	$553
1 Bedroom	$648
2 Bedroom	$782
3 Bedroom	$981
4 Bedroom	$1,075
5 Bedroom	$1,167
6 Bedroom	$1,261

Studio	$609
1 Bedroom	$715
2 Bedroom	$862
3 Bedroom	$1,256
4 Bedroom	$1,498
5 Bedroom	$1,722
6 Bedroom	$1,947

21 East 6th Street Ste. 214 Tempe, AZ 85281
2nd floor Orchid House, South of Tempe City Hall
480.350.8950 TDD: 480.350.8913 FAX: 480.350-8902

Programs