North Carolina City Offering Up To $90k To Families For Home Repairs
Do you live in North Carolina and have some much-needed home repairs or other work that needs to be done on your home? You could qualify for assistance on those expensive repair bills. The city of Raleigh is offering financial loans of up to $90,000 for qualified individuals as part of the city’s “Homeowner Rehab and Repair Programs”. The program aims to help homeowners finance the cost of major home repairs. Particularly ones that present a threat to “the life, safety, or health of the occupants”.
The biggest qualification is that the home must be located in the city of Raleigh to be eligible. Additionally, the home must have “three or more severely deteriorated systems (such as roof, HVAC, electrical, plumbing, or structural)” and have a property value of $371,000 or less. Applicants must have owned the home for at least 5 years and use it as their primary residence. This includes once the work is completed. You must also be 62 years of age or older or have a disability and fit within the income requirements listed on the city of Raleigh’s website.
If this sounds like you applications for this round of loans are now currently open. These loans of up to $90,000 are deferred payment with 0% interest. They are forgiven after five years unless the borrower defaults. A default occurs if the property is sold or transferred or the borrower no longer resides at the home at the end of the loan term. In that case, the outstanding balance will be owed to the city of Raleigh.
This is a great program that hopefully more cities in North Carolina will consider implementing to help with needed home repairs. You can learn more about the program, who is eligible, and how to apply here.
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