Substantial rehabilitation definition

Substantial rehabilitation means, with respect to the SAIL Program, to bring a Development back to its original state with added improvements, where the value of such repairs or improvements (excluding the costs of acquiring or moving a structure) exceeds 40 percent of the appraised as is value (excluding land) of such Development before repair and less than 50 percent of the proposed construction work consists of new construction. For purposes of this definition, the value of the repairs or improvements means the Development Cost. To be considered “Substantial Rehabilitation,” there must be at least the foundations remaining from the previous structures, suitable to support the proposed construction.

Substantial rehabilitation means qualified rehabilitation costs that meet or exceed the following:

Substantial rehabilitation means a Housing Development with reasonable direct rehabilitation construction contract costs of at least $35,000 per residential unit.

Examples of Substantial rehabilitation in a sentence

• Substantial rehabilitation of projects with affordability restrictions, including projects that have reached the expiration of their 15-year tax credit compliance period, but only in conjunction with new mortgage revenue bonds, tax credits, and/or other affordable housing resources to the greatest extent feasible.

• Substantial rehabilitation that results in the conversion of market rate to affordable housing.

• Substantial rehabilitation developments shall also be designed in accordance with HUD’s Fair Housing Act Design Manual, as applicable, but may seek a waiver from the Agency where existing conditions prohibit 100% compliance.

• Substantial rehabilitation is defined as rehabilitation that involves costs in excess of 75 percent of the value of the building after rehabilitation.

• Substantial rehabilitation projects should use reserve standards for new construction projects.

More Definitions of Substantial rehabilitation

Substantial rehabilitation means a Housing Development with reasonable rehabilitation construction contract costs of at least $35,000 per residential unit. Rehabilitation projects must fully and efficiently address all of the physical needs of the Project for the term of the project loan and therefore merely meeting the minimum threshold cost amount of $35,000 per residential unit may not, in and of itself, be sufficient to be considered Substantial Rehabilitation for purposes of the project loan.

Substantial rehabilitation means rehabilitation or reconstruction costs of a certified

Substantial rehabilitation means rehabilitation of a certified structure for which the

Substantial rehabilitation means, with respect to a certified historic structure, that

Substantial rehabilitation means interior or

Substantial rehabilitation means that the qualified

Substantial rehabilitation means a Rehabilitation Project where the contract for Rehabilitation work equals or exceeds $25,000 per Unit.