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Homeownership Rehabilitation
The Housing Rehabilitation Program provides low-interest loans to low and moderate-income homeowners who are non-bankable.  The program seeks to correct code and incipient violations (items in a house that will need to be repaired or replaced in 2 - 3 years) and make general property improvements.  Loan payments cannot exceed 30% of homeowner's gross income.

Housing Rehabilitation imageProgram Eligibility:

To qualify for the Housing  Rehabilitation Program, the following criteria must be met:

  • Person owns and occupies home under code enforcement (with priority to homes in the targeted neighborhoods.
  • Owner earns 80% or less of median income.
  • The owner must possess satisfactory credit history.
  • The owner must have the ability to meet monthly tax, insurance, maintenance and rehabilitation loan payments.
  • Owner must participate in a maintenance reserve and home maintenance program.
Repayment Loan Terms

Amortized Loans:

  • 1 - 3% interest rate
  • Maximum of 30-year repayment
  • Monthly payments - not more than 30% of gross income
Deferred Payment Loans (DPL):

  • Earn $500 or less per month - automatic DPL
  • 0% interest rate
  • No monthly payment if housing expenses are greater than 30% of gross income
  • Monthly payments for taxes, insurance and maintenance
Loan Terms:

  • Amortized and DPL loans are due upon death of borrower, property sold, rented, refinanced or maturity date
  • Loan secured by lien on property (1st or 2nd)
  • Loan may be assumable
Loan Approval:

  • Neighborhood & Business Services Key Business Executive approves loans up to $50,000
  • Charlotte City Manager approves all loans up to $100,000
  • Charlotte City Council must approve all loans over $100,000
The program is financed through the Community Development Block Grants and HOME Grant.
For more information, contact Diane Adams at 704.336.2911.