Loan and Grant Programs

Residential Property Rehabilitation Programs

• An opportunity to renovate property to today’s standards
• Flexible and affordable financing with no monthly payment  
• Technical assistance in planning all needed property repairs

Qualified Improvements

• Repair or replace, as needed, plumbing, heating, electrical, roof, structural systems
• Provide handicap accessibility alterations to achieve decent, safe, sanitary conditions up to a level of prescribed standards
• Perform eligible exterior aesthetic improvements
• Reduce or eliminate lead-based paint hazards identified on surfaces being disturbed during rehabilitation. 

Type Of Assistance

Financial assistance is provided as part grant, part due-on-transfer loan, with no interest and no monthly payments. The amount to be repaid is based on the increase in property value created by the repairs and becomes due upon transfer of ownership of the property. All the owner has to pay are closing costs, which are usually less than $375. The only security required is a promissory note secured by a recorded deed (lien) of trust in the amount of increase in the property’s value resulting from the repairs. 

Eligibility

• Household income must be less than or equal to income limits provided by the
  Department of Housing and Urban Development. See chart below.
• Mortgage must be current for no less than three months prior to application for assistance. Borrower must also remain current during time of processing.
• Homeowners insurance must be current.
• Applicant must have legal interest in the property and reside in the property.

  U.S. Department Of Housing And Urban Development
  2009 Income Guidelines

Number of Persons in Household	Maximum Annual Household Income
1	$38,000
2	$43,450
3	$48,850
4	$54,300
5	$58,650
6	$63,000
7	$67,350
8	$71,700

Income guidelines revised annually.
 

What to Expect

• Initial contact, screening, and preliminary qualification via telephone interview.
• After preliminary qualification, formal interview scheduled.
• Interview conducted with NRHA staff. Client is given an overview of program and financial application is initiated.
• Appropriate financial verifications requested by Finance Specialist.
• Construction Specialist will be assigned to meet with homeowner and thoroughly inspect the property to develop a construction write-up.
• Construction specifications completed, bid process occurs, and contractor selected by the homeowner.
• Financial application is completed.
• Loan settlement is conducted.
• Work begins.
 
Once work is under way, progress payments are paid to the general contractor only for work performed and inspected. Final payment is held until the job is completed. A one-year warranty is extended to the property owner for all work completed by the contractor.

 

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Aesthetic Improvement Grant/Loan Program 
 


Program Purpose

 
This program is designed to provide financial incentives to homeowners and investors of residential property to undertake upgraded exterior improvements to enhance the property's aesthetic quality.
 

Program Features

• Program establishes a certain aesthetic quality of properties within the Conservation Neighborhood
   
• Qualified improvements may include landscaping, fencing, exterior lighting, window shutters, architectural-grade roof shingles and exterior surface improvements, etc.
   

Program Rate

• Investors - 50% matching loan secured by a lien on property which is due on transfer of title
  (maximum match of $5000)
• Homeowners - 50% matching grant allowed up to $5,000 per property, subject to funding availability

Program Criteria

• NRHA will determine project eligibility and qualified improvements
• Property must meet all applicable code and conservation program rehabilitation standards to qualify
• Applicant must provide owner, property and household information and a copy of their current property insurance policy
• Mortgage real estate taxes must be current
• 100% match required of owner
• Homeowner can only receive grant one time, per property
• Programs are subject to funding availability

For more information about the programs NRHA has available, contact your neighborhood conservation specialist:


Joni Stahl
314-2087

 
• Ballentine Place
• Bayview
• Berkley
• Campostella Heights
• Central Brambleton
• Chesterfield Heights
• Cottage Line
• East Ocean View
• Fairmount Park
• Haynes Tract
• Kensington
• Lamberts Point
• North Huntersville
• Park Place
• Villa Heights
• West Ocean View
• Willoughby

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Emergency Repair Grant Program
 

Program Purpose

This income-restricted program is designed to address health or safety issues that might result in injury to the home’s occupants with a grant of up to $12,000. It is available in non-conservation neighborhoods within the city of Norfolk.
 

Eligibility Requirements

In order to qualify, applicants must meet the following criteria:
• Verifiable legal ownership and one-year minimum occupancy of the property
• Mortgage, real estate taxes, and homeowners insurance payments must be up-to-date
• Family income must fall within HUD low/moderate income limits
• Liquid assets (savings, stocks, bonds, etc.) must not exceed $12,000

Eligible Repairs

• Roof
• Heating
• Electrical
• Plumbing
• Handicap accessibility

After Verification of Eligibility Requirements

• NRHA representative inspects property to determine eligible items for repair
• NRHA prepares work specifications and obtains competitive bids from qualified contractors
• Upon completion of the job, NRHA inspects the work performed and pays the contractor
• A one year warranty is provided for all work completed by the contractor(s)
 
To learn more about the Emergency Repair Grant Program or to request an application, please call 757-314-2087.