Essential Single Family Rehabilitation Loan Pool Program (ESFR)
The Essential Single Family Rehabilitation Loan Pool Program is currently for residents in Franklin & Granville 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 $70,000;
- Home must meet Housing Quality Standards and Code after the work is completed.
Loan Information:
Minimum deferred/forgiven loan of $14,000. Maximum deferred/forgiven loan of $70,000 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.
