Applicants must have a maximum income ranging from $43,550 for a one-member household to $82,050 for an eight-member household. They also must be in good standing with their mortgage and property taxes and possess a homeowner’s insurance policy when they close on the City loan.

 

This program will provide up to $20,000 in deferred loans to qualified homeowners. The loans can be used only for repairs of housing code violations to return homes to the City’s minimum living standards.

 

A deferred loan would be repaid to the City if the house is sold or the borrower no longer maintains it as his or her principal residence.

 

To receive a loan, a homeowner must have used up all other means of financial assistance for home repairs. This includes homeowner’s insurance or financial assistance from the Federal Emergency Management Agency (FEMA) or the federal Small Business Administration.

 

Homeowners seeking the City loans must prove that damage to their property was caused by the April 16 storms to the extent that City inspectors declared the residence uninhabitable.

 

For more information about the loan program for tornado victims, including qualification guidelines, contact Valerie Malloy with the City of Raleigh Community Development Department at 996-4330.