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Replacement Housing Program (RHP):

The MSHDA RHP Program is available for replacement housing only. RHP and PIP will share the same income limits and interest rates.

Gross Annual Household Income Interest Rate

Less than $13,000 1%

$13,000-$16,999 3%

$17,000-$21,999 5%

$22,000-$27,999 6%

$28,000-$43,575 8%

The term for most loans will continue to be 30 years, but, in extraordinary circumstances (housing cost exceeding 29% of gross monthly income but a very good credit risk, etc.), it may be extended up to 40 years.

The income ceiling will be the current PIP amount of $43,575.

For those households with income exceeding 80% of the county median income, the maximum project cost will be $99,000 which can include a garage and basement.

Project cost for households at 80% of median or less cannot exceed $60,000 except that an additional $5,000 could be available for the installation of a full basement or the purchase of a unit with an additional bedroom due to larger family size. Loans for these households will be subsidized with MSHDA HOME funds.

The debt to income ratio limit (including RHP payment) will not exceed 55%.

Liquid assets above $10,000 will be used to reduce the amount borrowed.