How the city of New Orleans is helping homeowners with home repairs

Here is a program that can assist homeowners with health and safety repairs. The deadline is October 30, you can apply in person at 1340 Poydras Street #10th floor.

What this program details?

The City of New Orleans will provide up to $35,000 for eligible homeowners for home and safety repairs. The loan is a deferred and forgiven with a zero percent interest rate.

Loans will be deferred and forgiven at the earlier of loan maturity, sale, transfer of ownership, or failure to maintain the property as the primary residence during the 10-year term.

How will the loan work?

 

The balance will decrease over the 10 year period by 10 percent annually. Homeowners must maintain the home as its primary home and keep up with insurance, taxes and other obligations during this time.

If a homeowner moves out of the home, the balance amount becomes immediately due and the homeowner will be responsible of paying the loan back.

Who qualifies for the loan?

Homeowners must be a resident of New Orleans and have resided in the property at least five years. In addition, homeowners must meet income requirements. Certain veterans and seniors who apply will receive priority over other applicants. Homeowners who hold current mortgages must be current and not in default. Lastly, homeowners who have outstanding tax liens will be ineligible for the program.

How should one apply and what is the deadline?

Applicants can apply in person at 1340 Poydras Street on the 10th Floor or call 504.658.4200. The deadline is October 30.

Kemcents’ Tip

If you are seeking grants that can assist with the purchase if your home, check out my post at @Kemcents – Finding free money for homeownership!

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