Appraisal Gap Financing Program (GAP) creates a financial incentive for builders, developers, and non-profits to develop owner-occupied single and two unit residential homes. The developer is able to fill the “gap” between what it costs to build a home and the appraised value or sales price of that home. Generally, developers can receive assistance of up to $40,000 per unit. Eligible homebuyers purchasing homes subsidized with GAP funds will assume a lien against the property for the amount equal to the “GAP.” The secured loan will reach full forgiveness after 7 years of required owner-occupancy. Blighted and vacant City-owned lots will be given preference.
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