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Residents who own property located within the Eaman Park Study area (refer to map below)  may be eligible for financial assistance for exterior repairs and improvements, such as painting, roofing, porches, foundations, doors and windows, minor landscaping, and similar improvements.

  • If the property is your primary residence: You may be eligible for assistance up to $20,000 for exterior repairs.
  • If the property is a rental property with no more than 4 units: You may be eligible for assistance up to $5,000 for exterior repairs. For rental property repairs, owners are required to contribute a 50% match (up to $5,000), bringing the maximum project cost to $10,000.

Owner-Occupied Rehab

  • Household income must not exceed 120% Area Median Income ($88,550 for a family of four in 2023)
  • Exterior rehab up to total of $20,000
  • Cost of rehab becomes a deferred mortgage lien, forgivable after 5 years
  • Owner must be current occupant and continue to occupy property for at least 5 years to have lien forgiven

Owner-Occupied Rehabilitation Application (PDF) Owner-Occupied FY2023 Income Limits with 120% (PDF)

Rental Property Rehab

  • Assistance up to $10,000 for exterior rehab
  • Landlord required to contribute 25% additional matching funds or up to $5,000
  • Total project cost would be up to $10,000 ($5,000 loan + 50% ($5,000) match)
  • Cost of rehab becomes a deferred mortgage lien, forgivable after 5 years (provided property is not sold during the first 5 years)
  • Property must be rented to low-to-moderate income tenant (currently $44,700 for a family of four)
  • Home must be actively rented at time of application
  • No more than one rental property per landlord per funding cycle

Rental Properties Rehabilitation Application (PDF) Rental Properties FY2023 Income Limits (PDF)

Deferred Forgivable Loan

Assistance will be provided in the form of a no-cost, zero-percent-interest, deferred forgivable loan up to $20,000. These are loans in which the entire principal and interest payments are deferred to a future date with terms to forgive the entire repayment amount. The loan is forgiven incrementally, typically forgiven at one-fifth (20%) of the loan each year over five (5) years until the end of the repayment term. At the end of the term, the repayment amount is reduced to zero. Most recipients will pay zero dollars toward the loan.

The assistance is secured by a contractual lien, which is a security interest by a lender (the City) with the consent of the property owner. The lien gives the lender the right to collect money from the sale of the property if the property is sold within the repayment period, as explained above. The lien is mutually agreed upon by the recipient/homeowner and the lender, and is secured through a written agreement, like a mortgage. Recipients will sign loan documents including a Promissory Note and Deed of Trust covering the cost of repairs.

Terms of Lien

  • Forgiven after 5 years provided Owner or Landlord continues to own property*
  • *Transfer of ownership to an estate, or willed to family or other entity will not trigger repayment of the lien
  • Lien balance will be decreased by 20% (of initial lien amount) each year
  • Sale of the house in less than 5 years will trigger repayment of the balance due at that time

Lien Example

Homeowner receives $10,000 for a new roof:

Lien Balance after:
Year 1 - $8,000
Year 2 - $6,000
Year 3 - $4,000
Year 4 - $2,000
Year 5 - $0

Eligible Types of Work

  • Exterior rehab only (no interior work)
  • Examples include:
    • Roofing
    • Painting
    • Window and Door Repair
    • Wood/Siding Repair
    • Porches, Steps or Decks
    • Foundation Repair
    • Driveway Repair
    • Fence Repair
    • Landscaping Maintenance

Documents Needed To Apply

  • Last 2 check stubs of anyone living in your home that is employed
  • Proof of any supplemental income such as child support, retirement, rent income, etc.
  • Last year’s 1040 tax forms, if required to file
  • Last 2 checking/savings account statements
  • Current mortgage statement
  • Homeowner’s insurance policy
  • General Warranty Deed (Salisbury CDC will obtain)

How To Apply

Salisbury Community Development Corp.
1400 West Bank Street
Salisbury, NC 28144

Angela Hedrick
(704) 216-2738

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