30K forgiveable loan Program in Mississippi

Check out this article from my respected colleague and friend Scott Allen. Scott is a National Sales Director at a large bank...

The HUD small rental assistance program is once again, an incentive for an investor to build rental property with a subsidized rent. HUD is offering a 5 year forgivable loan in the amount of $30,000 for a single family home with a 90 day completion bonus of an additional $10,000 typically only good if you are building modular, which is what I am doing. What this means is that for a single family home(s) purchased, your rent is subsidized at 80% of the market rent on 51% of your investment properties in the area. An incentive on top of the incentive is that for 49% of your homes, your rent is going to be paid at 120% of the market rent. The market rent for a 3 bedroom house is $1057 per month. You can see the obvious incentive by building numerous.

Let's say you own 3 homes. Two of those homes are going to be subsidized at 80% of $1057. You will get a rent check from the tenant each month of $846 per month. For the 3rd home, you will receive 120% of the market rent of $1057. You will be paid monthly from the tenant in the amount of the 80% rent of $846, however on top of that, the state is going to send you an additional 40%, increasing your total monthly rent to $1250 per month on that house.

See Full Detailed Article (and others from Scott)

Scott Allan is the National Sales Director of NHBA (National Home Builder Advisors) a licensed brokerage. Scott specializes in product development and has the leverage of having his firm being the subsidiary company to one of the nations largest construction lenders.