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Program Description

Qualified developers get 0% interest short-term funding for the purchase, renovation and resale of housing. Qualifying units include those identified as dilapidated or in major wear status by the 2019 Norton County Wide Housing Study. 

Program Parameters 

  • Properties must be located within Norton County with a condition status of ‘dilapidated’ or ‘major wear’ within the Housing Condition Assessment of the 2019 Norton County Wide Housing Study 

  • Norton County Housing Rehab Program. (“HRP”) provides no-interest financing to qualified developers for up to 100% of the purchase price, rehab costs and holding costs 

  • Developers must be able to demonstrate experience in property rehab and present a plan utilizing resources to accomplish the rehab process.

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  • Properties currently owned by the developer are eligible for the program, in this case housing purchase cost will not be financed. 

  • The property must be purchased, renovated to move-in-ready status and resold in 12 months or less 

  • The property must sell within a target range of $120,000 to $180,000. 

  • Financing limit of $125,000 per project. 

  • Borrower pays $1,500 application fee, from which NCCED will pay title fees, title insurance, mortgage registration, and mortgage release fees. 


Program Process 

  • Developer locates suitable property fitting program parameters and places the property under contract subject to approval and financing from the HRP. 

  • The developer submits an executed contract, developer application and all of the required items specified in the application to the NC/CED Housing Rehab Committee (“Committee”) for review. 

  • The Committee approves or rejects the application. Developer is notified of results, and if approved, one of the local title companies prepares a title commitment and schedules a closing. 

  • Closing takes place and the rehab process begins. The funds needed to close are disbursed on the day of closing. The rehab funds are held in escrow and disbursed as the project progresses. Lien waivers from subcontractors are required at the time of payment. Committee representatives will perform inspections throughout key stages of the rehab process. 

  • Upon completion the property is to be listed and sold, the closing of which is to be completed within 12 months of the original closing date. 

  • Upon closing, the loan is repaid in full to NC/CED through escrow. 

  • If project runs beyond 12 months, interest rate steps-up to 1% above locally available Home Equity Line of Credit (HELOC) interest rates. 

Application Review Process

The Norton County Housing Rehab Committee will review all applications for this program and make recommendations to NC/CED.


This Committee will also review status of ongoing rehab projects and advise the owners, contractors, NC Housing Rehab Committee and/or NC/CED Board accordingly. 

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