Park Avenue Housing Rehabilitation Program

• Focuses on blocks surrounding the former Kesler Mill
• Cleanup of environmental contamination on Kesler Mill site is scheduled for 2021.
• To leverage related public investments (CDBG, HOME, etc.)
• To stabilize housing conditions

• Household income must not exceed 120% Area Median Income ($67,080 for a family of four in 2019)
• 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

• Assistance up to $10,000 for exterior rehab
• Landlord required to contribute 25% additional matching funds or up to $2,500
• Total project cost would be up to $12,500 ($10,000 loan + 25% 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

• 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

• 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

• 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)

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

Phone: (704) 216-2738
Email: nibrow@salisburync.gov