Hampton offers residents loans to elevate flood prone homes
Hampton is launching a low interest loan program to help residents protect their homes from future flooding. Residents can apply for loans ranging from $5,000 to $100,000.
“We wanted a program that would enable homeowners to do what they need to do on their private property, and for many of our residents who live in flood prone areas that’s a home elevation,” said City Manager Mary Bunting. “To come up with $10,000, $50,000 or in some cases $100,000 to raise your home can be burdensome for our homeowners and can keep them from being able to protect their property from flooding,” said City Manager Mary Bunting.
The city has allocated $2.5 million to the program. The funds come from the city’s designated fund balance, which is funded through departmental savings.
Projects that qualify for the program are:
To qualify for the loan program, the home must be located in Hampton and be the primary residence of the applicant, who must be the principal owner of the home.
Funds must be used for an approved project, and can be combined with federal grants. Existing loans on the property plus the awarded loan cannot exceed 100 percent of the home’s appraised value.
“This loan program is one more option in our toolkit, and will help us help homeowners find the best solution for their home,” said Hui-Shan Walker, Hampton’s emergency management coordinator.
In addition to the loan program, the city has been applying for federal grants on behalf of residents. This month the city was awarded a Federal Emergency Management Agency (FEMA) grant for $545,406 to elevate four Hampton homes. The city applied for the grant after the 2009 November Nor’easter.
“We have been very proactive in applying for federal grants and have been successful in getting funding for some of our homeowners, but we have other homeowners who have not been able to tap into federal programs and still need to elevate their homes. This program will enable our residents to do just that,” Walker added.
For more information on the city’s loan program or available federal grants, residents can contact Hampton’s Office of Emergency Management at 727-1208.
Contact: Tami Back | email@example.com |757-727-6191
22 Lincoln Street | Hampton, VA 23669