2028 Essential Single Family Repair Program
Essential Single Family Rehabilitation Loan Pool Program (ESFR)
The Essential Single Family Rehabilitation Loan Pool Program is currently for residents in Person and Vance 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.
