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 is work on existing buildings(s) including any additions for which the Aggregate Cost of construction (the Aggregate Cost) exceeds the Aggregate Cost Limit amount defined as follows: Aggregate Cost means the total costs of all the proposed construction work at the property, including General Contractor fees and Project Architect fees.

  • Substantial rehabilitation of an existing property involves significant work and describes construction activities that exceed the Aggregate Cost limit defined in this Chapter.

  • Cosmetic improvements alone do not qualify as substantial rehabilitation under this definition.(b) Substantial rehabilitation may also include renovation, alteration or remodeling for the conversion or adap- tation of structurally sound property to the design and condition required for use under this part or the repair or replacement of major building systems or components in danger of failure.

  • The re- placement cost may include the land, the physical improvements, utilities within the boundaries of the land, ar- chitect’s fees, miscellaneous charges incident to construction as approved by the Assistant Secretary.(b) Substantial rehabilitation.

  • Substantial rehabilitation for commercial property means rehabilitation costs must equal at least $50,000 or 50 percent of the assessed value of the property, prior to rehabilitation, excluding the land, whichever is less.


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, with respect to a certified historic structure, that
Substantial rehabilitation means rehabilitation of a certified structure for which the
Substantial rehabilitation means interior or
Substantial rehabilitation means that the qualified
Substantial rehabilitation means extensive structural repair or extensive remodeling and requires a building, electrical, plumbing, or mechanical permit for the tenant’s dwelling unit at issue. Any “substantial rehabilitation” as provided herein requires displacement of a tenant.