KTCOG currently offers different loan programs for home rehabilitation and repair to residents in all 5 of our counties (Franklin, Granville, Person, Vance & Warren).
Are you…
- An older adult (age 62 and up),
- Disabled (or family member),
- A veteran homeowner,
- A single parent with a dependent living at home
- A large family with 5 or more household members
- A household with a child below age 6 with lead hazards in the home
Activities generally include:
- Roof repair/replacement
- Lead paint remediation
- Door/window replacement
- Plumbing/electrical/HVAC
- Siding repair/replacement
- Accessibility improvements for individuals with disabilities
- Other general improvements
Urgent Repair Program (URP)
The Urgent Repair Program (URP) is available to residents in all 5 of our counties. The Kerr-Tar Regional Council of Governments (COG) has been awarded $264,000 by the North Carolina Housing Finance Agency (“NCHFA”) under the 2024 cycle of the Urgent Repair Program (“URP24”). This program provides funds to assist very-low and low- income households with special needs in addressing housing conditions which pose imminent threats to their life and/or safety or to provide accessibility modifications and other repairs necessary to prevent displacement of very-low and low- income homeowners with special needs such as frail elderly and persons with disabilities.
General Homeowner Eligibility Requirements:
- Gross household income must be at or below 50% of the median county income;
- Eligible income is $35,450 for a family of two;
- Applicant must own the home being repaired or have lifetime rights;
- Applicant must live in the home as their primary residence.
Loan Information:
Maximum deferred/forgiven loan of up to $12,000.
- Homeowners will receive an unsecured deferred, interest-free loan, forgiven at a rate of $3,000 per year, until the principal balance is reduced to zero.
- No loan payments are required unless the home is sold, or is no longer the primary
- residence of the applicant, during the first 4 years (payments pro-rated). After 4 years, the loan is forgiven.
Essential Single Family Rehabilitation Loan Pool Program (ESFR)
The Essential Single Family Rehabilitation Loan Pool Program is currently for residents in Person, Vance & Warren counties. The Kerr-Tar Regional Council of Governments (“COG”) has been granted Membership by the North Carolina Housing Finance Agency (“NCHFA”). This program provides Members with funds via a “loan pool” to assist with the essential and critical repairs to single-family homes that are owned and occupied by lower-income households (less than 80% area median income) with one or more elderly, disabled or Veteran fulltime household members and/or a child under the age of 6 who is at risk from identified lead hazards in the home.
General Homeowner Eligibility Requirements:
- Gross household income must be at or below 80% of the median county income;
- Home must be site built. Manufactured & mobile homes are not eligible;
- Applicant must own the home being repaired;
- Applicant must live in the home as their primary residence;
- The property cannot have been repaired or rehabilitated with public funding of $40,000 or more within the past 10 years;
- The cost of rehabilitation cannot exceed the ESFRLP Program Guideline limit of $40,000;
- Home must meet Housing Quality Standards and Code after the work is completed.
Loan Information:
Minimum deferred/forgiven loan of $8,000. Maximum deferred/forgiven loan of $40,000 depending on county. 0% interest.
- No loan payments are required unless the home is sold, or is no longer the primary residence of the applicant, during the first 5 years (payments pro-rated). After 5 years, the loan is forgiven.
- The loan is secured by a deferred (forgiven after 5 years) mortgage on the property.
