North Carolina Launches $57 Million Rental Rehabilitation Program Following hurricane Helene
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Governor josh Stein announced a new initiative this week to aid owners of small rental properties damaged by Hurricane Helene. The Small Rental Rehabilitation Program will provide funding to repair rentals,with a requirement that owners maintain affordable rental rates for ten years post-repair.
Program Details & Funding
Just over $57 million in federal funding has been allocated to the program, which is designed for owners of up to four rental units impacted by the hurricane. The program aims to increase the availability of affordable housing in areas affected by the storm.
Eligible counties currently include Watauga, Wilkes, and yadkin, with the potential for expansion based on assessed need. A full list of eligible counties and program details can be found on the North Carolina Department of Public Safety website.
part of Broader Disaster Relief Efforts
This initiative builds upon earlier state efforts to address damages caused by Hurricane helene. Earlier this year, North Carolina launched a Single-Family Housing program to assist homeowners with repairs and rehabilitation. That program has already received over 6,000 applications, demonstrating the notable need for disaster recovery assistance across the state.
Affordable Housing Commitment
A key component of the Small Rental Rehabilitation Program is the requirement for participating owners to offer affordable rental rates for a decade following the completion of repairs. This commitment aims to ensure that the benefits of the program extend to renters in need of affordable housing options. The specific definition of “affordable” will be determined based on area median income and program guidelines.
Looking Ahead
The launch of the Small Rental Rehabilitation Program represents a significant step in North Carolina’s ongoing recovery from Hurricane Helene. By focusing on both homeownership and rental properties,the state is working to address the diverse housing needs of residents impacted by the storm and build more resilient communities for the future. Further updates and facts regarding program eligibility and request processes will be available on the North Carolina Department of Public Safety website.
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