Tuesday, October 12, 2010

Housing Funds Available in Stokes County

Housing Funds Available in Stokes County

• Stokes County has been awarded a $200,000 Single-Family Rehabilitation Grant (SFR) and will be awarded a $400,000 Community Development Grant (CDBG) toward the end of the year.
• The SFR grant is funded by the North Carolina Housing Finance Agency with the goal of helping seniors or the disabled make repairs to their homes to insure continued occupancy of the home as the occupant ages. The CDBG grant is funded by the North Carolina Department of Community Assistance and has similar goals.
• The County will have funds available to rehabilitate approximately 16 homes.
• Candidates are selected on a first come – first to qualify basis.
Eligibility Requirements:
• Applicant is elderly (62+) and/or disabled.
• Income less than 80% of county median. This income limit would cover approximately 85 percent of retired individuals or those who are living on disability.
• Owner occupied household located in Stokes County
• Site-Built homes only (sorry, no manufactured houses)
• Homes need to be in a relatively good condition but would benefit from:
Energy efficiency improvements
Handicapped accessibility
Roof and foundation repairs
Updated electrical, heating or plumbing systems
The cost of this work is in the form of a no payment, no interest loan to the owner which is forgiven at $3,000 per year for the SFR grant and over 8 years for the CDBG grant. Expenditures are limited to $40,000 per dwelling. The loan is secured by a Deed of Trust.
• Stokes County has requested the services of Benchmark, CMR to handle the application/intake process for these grants. If you have any questions regarding these grants or would like to apply for assistance, please call Cindy Ramsey at Benchmark, CMR, 1-800-650-3925.

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