Application period now open for home repair forgivable loans

Qualifying homeowners in Wake County can get up to $90,000 to address urgent repairs that threaten the safety and stability of their homes. The Major Repair Program is a pilot available to low-income homeowners, no matter their age, on a first-come, first-served basis. At least 15 homeowners will be able to benefit from $1.35 million allocated by the Wake County Board of Commissioners.

“Numbers show that low-income households often spend more than half of their income on housing, leaving little to no room for emergency or unexpected home repairs,” said Wake County Commissioner Don Mial. “This new pilot program allows homeowners to stay in their homes without sacrificing putting food on the table to make an expensive repair.”

Wake County created the Major Repair Program to assist long-time homeowners who may be at risk of displacement because they cannot afford needed repairs to their homes. Qualifying homeowners may receive deferred 0% interest loans of up to $90,000, including closing costs and testing fees, that are forgivable over a 10-year term. Borrowers who sell their homes or otherwise stop living in the home as their primary residence during the life of the loan will repay the outstanding balance to the County.

Homeowner qualifications:

• Make less than 50% of the area median income ($61,150 for a family of four)
• Lived in the home for 10 years or more
• Current on mortgage and property tax payments
• No outstanding loans with Wake County
• Meet minimum credit requirements
   

Home qualifications:

• Located within Wake County except Raleigh (the City of Raleigh offers two comparable programs)
• Built on a permanent foundation
• Tax value below Wake County median
   

Covered repairs:
Money granted to homeowners who qualify may only be used to address system and structural repairs including roof, HVAC, water heaters, well and septic, plumbing, foundation repair, flooring and sub-flooring, wall and ceiling repair, ramps, grab bars, accessible bathroom fixtures, replacement or repair of deteriorated kitchen and bathroom fixtures for usability, water damage repair and protection, and more. Purely cosmetic repairs are not eligible under the Major Repair Program.

How to apply:
Interested applicants are encouraged to begin the application process by sending an email with their name, phone number, address and best time to be reached to housing.rehab@wake.gov. Funds are available on a first-come, first-served basis. Wake County will not maintain a waiting list for the Major Repair Program.