Rental Neighborhood Improvement Program
Multifamily property owners needing repair loans can apply for our Rental Neighborhood Improvement Program (RNIP): We assist owners of multifamily housing of three units or more with building improvement loans that help ensure residents live in well maintained, habitable apartments. Qualified owners who are planning improvements may apply for up to $21,500 per unit, for a 3% annual interest.
Applications must be processed before improvements are made.
Loans are subject to rental caps and other conditions of HUD Funding.
Low Interest Loan (3%)
Multi-family properties – 3+ units
Provides up to $21,500 per unit
Tenant income restrictions
Property must be located in Holyoke
Applicant must be current on City of Holyoke property taxes, utilities and other services for all properties