If you’re considering remodeling your home, but don’t have the money to pay for a full home renovation, the City of Dallas has two different programs to help you get the job done. The Neighborhood Revitalization Program gives low-income residents money to make repairs and improve their homes. The first option is a cash-out refinance, which resets your mortgage at a lower interest rate. However, cash-out refinances come with closing costs that you should consider before signing on the dotted line.
Home repair assistance programs provide low-interest loans or deferred grants to eligible homeowners. During the process, the CDCLI assesses your home’s structural and safety issues and recommends repairs. This can include electrical upgrades, floor repairs, and even ADA compliant walkways. Many homeowners qualify for both programs, so you can save money on repairs and make your home safer for your family. You must have a mortgage or grant enforcement note to qualify for this program, but the funds available are very generous.
Another option is to apply for a federal grant or loan. The USDA has home improvement grants for low-income families. Applicants can apply for a grant of up to $7,500, and may be required to provide details of the family size and the home improvement projects they’re undertaking. While the USDA grants and loans are capped, Buffalo Housing Corporation offers grants that help homeowners save money on home repairs and upgrades. There is a waiting list for these programs, but if you qualify, you could find the funds you need for your home improvement projects.
There are many ways to apply for federal grant money for home repairs. One way is to fill out an application for the federal HOME Investment Partnerships Program. In exchange for a low interest loan, you have to pay $1,000 toward repairs and improvements. The money is paid directly to the contractor so that you can make the necessary changes. These programs are particularly helpful for emergency repair work. However, they’re not for everyone. But they can help you get started with home repair and make it as comfortable as possible.