Housing Rehabilitation Programs

Depending upon your family income and the location of your home, you may qualify for a no­ cost loan to make home repairs. The CDC’s housing rehab programs are financed by individual grants of state, federal or private lender funds. Funding is very limited, is not available at all times and typically is restricted to geographic areas specified by the granting agency.

NCHFA URGENT REPAIR PROGRAM

Depending upon grant funding the CDC administers Urgent Repair Program grants from the NC Housing Finance Agency (NCHFA) in the rural areas of the Cape Fear valley. Recently projects were completed in New Hanover and Bladen Counties. In order to qualify for assistance an applicant must reside within the limits of the agency-determined target boundaries and own and occupy the home in need of repair. Only repairs that address imminent threats to the life and/or safety of occupants of the dwelling unit or accessibility modifications will be addressed under the program.

What is the form of assistance under the URP program? The CDC will provide assistance to selected homeowners in the form of a loan covering the hard and soft costs of the URP funds associated with the repair/modification of the unit. Homeowners will receive an unsecured deferred, interest-free loan, forgiven at a rate of $1,000 per year until the principal balance is reduced to zero. The maximum loan amount is $6,000.

NCHFA SINGLE FAMILY REHAB PROGRAM

Depending upon grant funding the CDC administers Single Family Rehab Program grants from NCHFA. In order to qualify for assistance an applicant must reside within the agency­ determined target boundaries and own and occupy the home in need of moderate repair. Repairs may address structural deficiencies, HVAC system repairs or replacement, upgrading or replacing electrical and plumbing systems, roofing and siding repairs, weatherization, accessibility modifications and other necessary repairs.

What is the form of assistance under the SFR program?
The CDC will provide assistance to homeowners whose homes are selected for repair/modification in the form of a) a grant to the Homeowner, not to exceed $5,000 ($5,950 if house is pre-1978) to cover the cost of evaluating the home, loan settlement charges, and other indirect but related “soft costs”, and b) a zero percent (0%) interest, deferred-forgivable loan, not to exceed $45,000, to cover the cost of actual rehabilitation of the home. So long as the Borrower/Homeowner is not in default, the original note balance will automatically be reduced by $3,000 on each anniversary of the date of the Note such that on the Maturity Date, the principle balance will be zero. The loan or balance thereof, is due immediately upon transfer of title or default.

FEDERAL HOME LOAN BANK AHP PROGRAM

Subject to availability of funding the CDC can package loan applications up to $10,000 for weatherization or accessibility repairs. The loan requires no payments, is zero percent interest and 20% of the loan balance is forgiven for each year the borrower remains in the home. At the end of five years the entire loan balance is paid off and becomes a grant.

HOME RENOVATIONS PROJECTS

IMG_0406
Worthdale Dr.
IMG_0090
Pages Lake Rd.
IMG_0320
Harris Rd.
IMG_0310
Apple Rd.
IMG_0133
N 26th St.

 

Funding by:

North Carolina Housing Finance Agency
Federal Home Loan Bank of Atlanta
BB&T Bank

URP & SFR Program GuidelinesI Need Assistance get in touch »