Program offers $5,000 forgivable loan to home buyers to live in homes for five years
New Castle County, DE: Potential home-buyers can be granted a $5,000 forgivable government loan to purchase homes vacant for more than 90 days.
The Remediating, Vacancies. Making Progress (ReVaMP) program is designed to encourage the purchase of properties in areas where property value is on the decline and vacant homes are on the rise.
A property must be certified by a designated inspector as 90 days vacant before it can be included for consideration into the loan program.
To qualify for the zero percent interest rate $5,000 loan a would-be buyer’s total household income may not exceed 120 percent of median income for the New Castle County area, as adjusted for family size based on household size guidelines from Department of Housing and Urban Development.
If a home-buyer lives in a home they purchased for at least five years, the $5,000 loan will be forgiven.
The program is an extension of the government efforts from the year before to create a registry of the thousands of vacant and abandoned homes in the county.
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