A housing improvement area (HIA) is a defined area in a city in which housing improvements in condominium or townhome complexes may be financed with the assistance of the city, or the city’s economic development authority (EDA) or housing and redevelopment authority (HRA).
Homeowner’s Associations with an average market value of units that do not exceed the maximum home purchase price for existing homes under the State’s first-time homebuyer’s program ($352,300).
Homeowner’s Associations that do not have the financial ability to proceed with the improvements without the benefit of HIA financing.
There are no specific financial parameters, such as a maximum amount of funding Financing is based on the estimates provided, and the amount agreed upon by the City. Terms and conditions of HIA Policy must be met.