Winston–Salem City Council approves home loan rehab program

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WINSTON-SALEM, N.C. – Monday night, the Winston–Salem City Council approved a home repair loan program available for home owners in targeted areas of town that need it the most.

The program is called TURN, Transforming Urban Residential Areas, and will be paid for with $4 million dollars through the city’s bond referendum.

Housing Development Senior Project Supervisor Sharon Johnson said the targeted areas were determined based on the highest percentage of housing code violations over the past five years.

Twenty-four areas were identified but the housing development department plans to start with five wards; in the south, Washington Parka and west Salem areas, in the southeast, Bellevue, Morning Side and Easton, in the east ward, Dreamland in the north, Cherry View, Old Cherry and Boston-Thurmond and lastly in the northeast ward, Bowen Park, LaDeara Crest and east Winston.

Unlike the existing rehab program, TURN aims to help entire communities.

“It is in those targeted areas and then there is special financing in terms of investor owner and owner occupied properties and we have a forgiveness portion in this financing that we have not had,” Johnson said. “Instead of doing a house here or a house there if you can do 17 houses within a certain specific area, you’re talking about changing the specific look and the face of the neighborhood.”

The type of loan financing available for owner occupied homes could be differed, direct and forgivable loans based on the income.

Loan financing for investor - owners can be direct pay loans and forgivable loans based on certain income criteria.

Johnson said sign up for the TURN loan program should begin mid-October.