Home Investment Partnerships Program (HOME)
The following description is provided for informational purposes. If you have any further questions about this program, please call the Housing Rehabilitation office at (336) 222-5070.

GENERAL INFORMATION
The HOME Investment Partnerships (HOME) Program is a federally funded program administered by the United States Department of Housing and Urban Development (HUD). HUD allocates HOME funds to eligible State and local governments to expand the supply of decent, safe, sanitary and affordable housing for very low-income and low-income persons.

Under its HOME Program, the City of Burlington provides loans to rehabilitate single-family owner-occupied and rental housing and to purchase homes. Eligibility requirements and the loan terms, restrictions and assumption policies for each type of housing activities are as follows:

Owner-Occupied Housing Rehabilitation
ELIGIBILITY

1. The property must be located within Alamance County.
2. Property owners must occupy the property as their principal residence.
3. Annual gross household income must not exceed 80 percent of the median income for the area, as determined by HUD with adjustments for family size. (See current income guidelines. Since HUD periodically revises the income limits, the City uses the most current limits available for loan approval.)

LOAN TERMS

1. Minimum HOME loan is $1,000.
2. Maximum loan amount shall be 95 percent of the appraised property value after rehabilitation is completed minus the existing debt on the property.
3. All loans are secured by a Deed of Trust, Promissory Note, and Declaration of Deed Restrictions.
4. Payment of the loan is deferred up to 10 years with no interest accruing. At the City's option, payment may be deferred for a second 10-year term with 3 percent interest accruing.
5. During the term of the loan, if the property is sold or ownership is transferred, all unpaid principal and interest become due and payable unless the City approves assumption of the loan.

LOAN ASSUMPTION

1. All loan assumptions are subject to approval by the City of Burlington.
2. A family member or buyer who assumes a HOME loan must occupy or plan to occupy the property and cannot rent the property. During the term of the loan, if the property ceases to be owner-occupied, any outstanding balance owed the City becomes immediately due and payable.
3. The family member or buyer must meet the requirements, terms and conditions of the HOME loan for the City to consider assumption of the loan.

INCOME LIMITS
Effective January 2013

• 1 person household: $29,900
• 2 person household: $34,200
• 3 person household: $38,450
• 4 person household: $42,700
• 5 person household: $46,150
• 6 person household: $49,550
• 7 person household: $52,950
• 8 person household: $56,400

APPLICATION PROCESS
Step 1:

• Download application at the below link or request a application by calling 336-222-5070.

Download Housing Rehabilitation Program Application 

The homeowner must meet the following requirements:

• Be income eligible based upon income guidelines list above
• Must be current on both City and County taxes
• Cannot have any current liens or judgement against you
• Must maintain current property insurance

Step 2:

• Upon receipt of the completed application your name will be placed on the Housing Rehabilitation Waiting List. Waiting list time differs depending on the current number of homeowners on the list.