New Orleans launches forgivable loan program for home health and safety improvements

New Orleans launches forgivable loan program for home health and safety improvements

NEW ORLEANS, La. (WVUE) - Homeowners in Orleans Parish who need to make health and safety repairs to their homes can now get help thanks to a forgivable loan program, the city announced Monday (Sept. 16).

If you qualify, you could get up to $35,000 in a 10-year, no interest loan with no down payment.

The homeowner would have to pay back that money if the home is sold, transferred or is no longer a primary residence during those 10 years.

In order to be eligible, you must fit the below requirements:

  • Homeowner must reside within Orleans Parish
  • Must be a primary homeowner and existing resident of the property at least five (5) years prior to application.
  • Annual Household Income must not exceed 80 percent of area medium income (AMI; adjusted for household size, limitations may apply).
  • Senior households aged 55+, military veterans, disabled head of household and those who have been in their homes for 15-plus years will have priority in the program.
  • Homeowners with first and second mortgage liens are permitted, provided all mortgages are current and not in default.
  • Homeowners with outstanding tax liens are ineligible for the program.
  • Prior recipients of owner-occupied rehabilitation grants funded by the City of New Orleans resources within the previous five (5) years are ineligible for the program.

The city stressed that all funds must go towards health and life safety repairs, stating, “This is not a home remodeling program."

Homeowners have until Oct. 30 to apply and can do so at the Office of Community Development, located on the 10th flood of 1340 Poydras Street. For more information, visit the city website: nola.gov.

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