North Carolina has announced a new repair program for small rental properties damaged by Hurricane Helene.
Applications for the $57.4 million program opened this week. Grants of up to $1.5 million are available on a first come, first serve basis.
The initiative is part of Renew NC, a housing rehabilitation program managed by the state. It’s primarily funded by the Department of Housing and Urban Development’s Community Development Block Grant program, which approved $1.4 billion in recovery aid for North Carolina earlier this year.
The new program supports the repair, reconstruction or replacement of rental properties with four units or less, but only if property owners commit to leasing the units at an “affordable” rate for the next ten years.
Helene destroyed nearly 1,000 homes statewide and damaged the habitability of nearly 30,000.
The rental repair program is the second initiative launched by Renew NC. Over the summer, it opened a $800 million repair program for single-family homeowners.
How “affordable” will the units be?
Rental units repaired through Renew NC must be reserved for households earning at or below 80% of the area median income, or AMI, for 10 years.
The AMI is determined by HUD and varies widely by county and household size.
In the Asheville area, for instance, 80% AMI is $52,150 for a one-person household, or $74,500 for a four-person household.
In more rural areas like Yancey County, 80% AMI is $50,000 for a one-person household or $64,250 for a four-person household.
Units repaired through Renew NC also must comply with HUD’s High HOME Rent Limits. In Asheville, that means rent could cost no more than $1,121 for a one-bedroom unit or $1,706 for a four-bedroom unit, though limits vary by household size and location.
For more information about the Small Rental Rehabilitation Program and how to apply, visit the Renew NC website.
