City of Raleigh offers forgivable loan to help qualified homeowners repair, maintain their home
RALEIGH, N.C. (WTVD) -- The City of Raleigh is accepting applications to help qualifying residents with home repairs and maintenance.
The Raleigh Home Revitalization Program is a partnership with the nonprofit Rebuilding Together of the Triangle.
Through the program, up to 200 eligible households -- including single-family, townhouses or condos -- will be able to receive necessary repairs and maintenance to extend the life of their homes, help seniors age in place, install measures to help people with disabilities or improve the quality of life for residents in targeted geographic areas.
"This is another program kind of in the city's repertoire of rehab and repair programs for homeowners," explained Erika Brandt, the Housing Programs Administrator for the City of Raleigh. "We've got two other programs already, each of which kind of attacks, a different issue that faces longtime homeowners who are lower income. And this one is really geared toward folks who are living in areas around the planned bus rapid transit routes. So those are areas where we're expecting to see home prices and values go up."
To qualify for the Raleigh Home Revitalization Program you must:
- Own and live in the home to be rehabilitated
- Continue to live in the home as a primary residence after the work is complete
- Have owned the home for at least 10 years
- Meet household income limits
"We want to be able to give them some funding to make home repairs. So it can really address any kind of repairs that are needed. Health and safety issues replacing systems like roofs, plumbing, electrical, and even kind of more minor cosmetic things like external painting or accessibility modification like ramps for wheelchairs," Brandt added.
Qualified properties:
- Must be located within targeted geographic areas
- Have a property value of $450k or less
The max loan amount is $30,000, includes deferred payment with zero percent interest and is forgiven after five years unless the borrower defaults.
A default occurs if the property is sold or transferred or if the borrower no longer lives at the home.
Rebuilding Together of the Triangle serves as the administrator of the program. To apply, contact Kelly Zargo at 919-341-5980.
