The Choanoke Area Development Association is one of 39 organizations and local governments across the state that will receive a portion of $11 million from the North Carolina Housing Finance Agency’s Essential Single-Family Rehabilitation Loan Pool.
The funds will go to assist low-income households in need of rehabilitation and accessibility modifications in 32 counties. These organizations will receive funding in the amount of $165,000 and they will also manage the rehabilitation process.
It is expected that these funds will provide $6.32 million to provide comprehensive rehabilitation to at least 117 homes through forgivable loans. In addition, an incentive pool of $4.68 million will assist 87 more homes.
The loan pool finances major home rehabilitation and modifications for households with incomes below 80 percent of their area’s median income.
This investment will help veterans, seniors and people with disabilities stay in their homes and out of costly institutions, saving on health care and long-term care costs. Homes with lead hazards occupied by a child six years of age or younger may also qualify.
“Investments in home rehabilitation and accessibility modifications help keep some of our state’s most vulnerable citizens in their homes,” said Scott Farmer, executive director of the agency. “We are proud to partner with such deserving organizations to continue our work stabilizing neighborhoods and contributing to favorable economic and health outcomes statewide.”
Consumers can learn more and search for a partner offering assistance in their area at this link