ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Thursday, December 28, 1995 TAG: 9512280012
SECTION: VIRGINIA PAGE: C-3 EDITION: METRO
SOURCE: MARY BISHOP
The Roanoke Redevelopment and Housing Authority has begun a $400,000 program to help Roanokers buy and fix up run-down houses in Old Southwest, older sections of Northwest and most of Southeast.
Under the program, first-time home buyers may apply for rehabilitation grants and 4 percent financing to buy homes in those areas. They must agree to occupy the property after repairs are done.
To qualify for the purchase loans, applicants must earn no more than 80 percent of the Roanoke area's median income, have a good credit history and document their ability to repay the loan. Dann Campbell, the authority's rehabilitation director, said income limits are $22,300 for a single person, $31,850 for a family of four and $42,050 for a family of eight.
The rehabilitation grants, covering up to a quarter of total purchase and repair costs, will be forgiven at 20 percent for each year of residency. Additional repairs may be financed with no-interest loans.
A limited number of grants also are available to people buying homes in the designated areas who earn more than 80 percent of the median income.
The purchase/rehab program was set up with $240,000 from the Virginia Housing Partnership Fund, $126,600 allocated by the city of Roanoke from federal Home Investment Partnership Program money, and $40,000 in federal Community Development Block Grants.
The housing authority administers two other programs for substandard housing - the Owner-Occupied Rehab Program for residents already in their homes, and the Rental Rehab Program for repairs to multifamily rental properties.
For information on any of these programs, call 983-9243 or 983-9254.
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