Low-income seniors, veterans or persons with disabilities in 31 counties may be eligible for vital home rehabilitation to address health and safety issues thanks to $8 million the NC Housing Finance Agency has awarded to local governments and nonprofits.
The Agency’s Essential Single-Family Rehabilitation Loan Pool finances major home repairs, energy efficiency measures or accessibility modifications with the goal of preserving the state’s affordable housing stock and promoting aging in place for homeowners. Eligible households must be owner-occupied, have a household income of less than 80% of area median and include seniors, veterans or persons with disabilities. Households with a child under the age of six whose health is threatened by lead hazards are also eligible for assistance.
“For the past 25 years, this program has helped the state’s most vulnerable citizens to remain in their homes and has preserved nearly $120 million affordable housing stock for communities statewide,” said Agency Executive Director Scott Farmer.
2018 funds are expected to serve at least 229 homeowners in the following counties: Alamance, Ashe, Bertie, Bladen, Burke, Camden, Chatham, Currituck, Dare, Gaston, Graham, Greene, Haywood, Hoke, Hyde, Iredell, Jones, Lee, Madison, Martin, Mitchell, Montgomery, Pasquotank, Pender, Polk, Rockingham, Surry, Swain, Transylvania, Wake, Warren, Wayne and Wilkes.
Approved community partners were awarded a set-aside of $175,000 for the rehabilitation of eligible units, with the option of receiving additional funds on a first-come, first-served basis. These local government agencies or groups determine eligibility and manage the rehabilitation process. Approved homeowners receive assistance up to $25,000 in the form of an interest-free, deferred loan, forgiven at $3,000 a year, to pay for necessary repairs.
Assistance will be available starting July 1. To apply after that date, homeowners can find the community partner in their county at www.nchfa.com/homeownership-partners/community-partners/current-community-partners.
The North Carolina Housing Finance Agency, a self-supporting public agency, has financed 269,000 homes and apartments since its creation in 1973.