36-166 - Housing revitalization zone grants.
§ 36-166. Housing revitalization zone grants.
A. As used in this section:
"Qualified zone improvements" means the amount properly chargeable to acapital account for improvements to rehabilitate or undertake construction onreal property during the applicable year within a housing revitalizationzone, provided that the total amount of such improvements equals or exceeds(i) for a qualified business firm, an investment of $25,000 in rehabilitationexpenses on each housing unit, $50,000 in new construction expenses for eachsingle family housing unit, or $40,000 for each multifamily housing unit or(ii) for a qualified owner occupant, an investment of $12,500 inrehabilitation expenses or $50,000 in new construction expenses for eachhousing unit. Qualified zone improvements include expenditures associatedwith any exterior, structural, mechanical, plumbing, utility, or electricalimprovements necessary to rehabilitate or construct a building forresidential use and excavations, grading, paving, driveways, roads,sidewalks, landscaping, or other land improvements. Qualified zoneimprovements shall also include, but not be limited to, costs associated withdemolition, carpentry, sheetrock, plaster, painting, ceilings, fixtures,doors, windows, fire suppression systems, roofing and flashing, exteriorrepair, cleaning, and cleanup.
Qualified zone improvements shall not include:
1. The cost of acquiring any real property or building.
2. (i) The cost of furnishings; (ii) any expenditure associated withappraisal, architectural, engineering and interior design fees; (iii) loanfees, points, or capitalized interest; (iv) legal, accounting, realtor, salesand marketing, or other professional fees; (v) closing costs, permits, userfees, zoning fees, impact fees, and inspection fees; (vi) bids, insurance,signage, utilities, bonding, copying, rent loss, or temporary facilitiesincurred during construction; or (vii) outbuildings.
B. Beginning on and after July 1, 2000, a qualified business firm orqualified owner occupant may be allowed a grant from the HousingRevitalization Zone Fund for making qualified zone improvements. The grantamount shall not exceed thirty percent of the qualified zone improvements;however, in no event shall the total grants paid to a qualified business firmor qualified owner occupant exceed $50,000 per housing unit for qualifiedzone improvements made during the period in which such area of a county,city, or town is designated as a housing revitalization zone. Additionally,the total grants paid to a qualified business firm for a housing complex withfive or more attached housing units may not exceed $150,000 over such period.
C. Local governments shall certify that the zone improvements made withinhousing revitalization zones within their jurisdictions comply with alllocally adopted plans and ordinances.
(2000, cc. 789, 795.)