RIO RANCHO, N.M. (KRQE) – The City of Rio Rancho and Homewise, Inc. have partnered on a Home Repair Pilot Program that will give qualifying residents $25,000 in deferred, forgivable loans. The loan can be used to address heating/cooling issues, plumbing systems, roofs, doors, and other home repair needs. All work must be performed by a licensed, insured, and bonded contractor.
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Loans will be secured by a mortgage lien and promissory note but will be forgiven over a five-year period as long as the homeowner or legal property title holders lives in the home. The City of Rio Rancho Governing body put aside $300,000 from the Federal American Rescue Plan Act and money will be loaned until all available funds are awarded.
City Manager Matt Giesel said he would consider about one-third of Rio Rancho’s residences are older homes and he expects many residents will apply. “We think of Rio Rancho as this fast-growing community with lots of new homes, but we have older parts of the community. A lot of communities were built in the 60’s and 70’s and the 80’s, so this provided a great opportunity to reinvest into those older neighborhoods of Rio Rancho.”
Homewise, Inc. will income qualify homeowners, verify completion of repairs made by contractors, offer technical assistance, and help educate homeowners.
Applications for a loan opens April 1 and for more information visit https://homewise.org/repair/