What is the Rental Rehabilitation Program?
The rental Rehabilitation Program is designed to provide financial assistance to investors to assist in repairing substandard housing and to increase the supply of decent safe affordable housing in the county.
Note: Single-wide mobile homes are not eligible under this program.
How do I qualify for this program?
- Applicant must pay an non-refundable fee of $50 per application;
- Applicant may apply once every six months;
- Funds may be used to purchase or rehab existing eligible properties;
- Applicant must have acceptable credit history for at least the past 12 months;
- The property must be located in Cumberland County, outside the City limits of Fayetteville;
- Property cannot have outstanding tax liens (free of second mortgage or judgments);
- Property must not have been tenant occupied within the past six months;
- Investor must agree to rent the property to low income tenants during the period of affordability. Tenant’s total household income may not exceed 80% of the median income for the area.
*Tenant income restrictions apply
How does the process work?
- Contact Cumberland County Community Development at 910-323-6112 or stop by the office located at 707 Executive Place in Fayetteville. A staff member will give you an application and checklist.
- CCCD staff will schedule an interview with the homeowner to verify homeownership, income, and to complete the application.
- Eligible applicants will be forwarded to the Housing Services Division and a Housing Rehabilitation Specialist will conduct an inspection of the property to assess needed repairs.
- A work write-up is developed outlining the needed repairs.
- Bid documents are prepared and submitted to approved contractors.
- Bids are reviewed with the selected contractor and homeowner.
- Loan is closed.
- Contractor begins work on the home.
Type of Assistance:
Financial assistance is provided as low interest loans. Loan amount is determined on an individual basis. There are two types of loans:
Standard Rehab Only
Note interest rate: 3%
Repayment term: 15 years
Rehabilitation/Refinance or Acquisition/Rehabilitation
Note interest rate and repayment term: 3% for 15 years OR 5% for 30 years.
Note: Refinancing is available