The City of Rio Rancho has partnered with non-profit Homewise, Inc. on a Home Repair Pilot Program aimed at assisting lower income Rio Rancho homeowners make necessary health and safety repairs to their home.
Qualifying residents can receive up to $25,000 in a deferred, forgivable loan to address heating/cooling systems, plumbing systems, roofs, doors, windows, stucco/siding, electrical systems, and other principal components. All work must be performed by a licensed, insured, and bonded contractor.
Deferred, forgivable loans will be secured by a mortgage lien and promissory note and will be valued at the cost of repair. Loans will be forgiven over a five (5) year period at a rate of 20% per year as long as the homeowner/legal property title holder continues to reside at the property.
As Rio Rancho’s partner, Homewise will income qualify homeowners, verify completion of repairs made by contractors, offer technical assistance and education to homeowners, and will receive an administrative fee for their services.