Apartment Remodeling Loan Program (ARP)Fifteen-year, forgivable, no payments, no-interest loans of up to $50,000 per building.
NEW - Pilot Program - Funds available for 1-3 unit rental properties
Affordable Apartment Improvement Grants (AAIG)
Grants of up to $5000/unit for buildings with between 2 - 17 units and with rents at or below 50% of the Area Median Income. Improvements to units of long-term tenants eligible.
If you are interested in an AAIG grant, email Julie Urban, Housing Manager,
Tenant Protection Ordinance
The City requires new owners of apartment buildings to send notice within 30 days of purchase to tenants residing in affordable units and provide a three-month protection period. During the tenant protection period, the new owner cannot raise rents, non-renew tenants without cause, or re-screen existing tenants. Click here for a summary and here for a complete copy of the ordinance.
Richfield Apartment Managers' Association (RAMA)
Check out the RAMA Reporter, a quarterly publication with information and resources for rental property managers and owners: