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.
Income Eligibility Application
From March 2 through March 31, residents can utilize the online form at www.homewise.org/repair to see if they are income eligible to submit an application on April 1. Additionally, during this time, residents can speak one-on-one with a Homewise staff member by calling (505) 243-6566 to learn more about the program and review the qualification process and required qualifying documents.
On April 1 at 8:00 a.m., the application portal will open for residents to submit their applications and associated qualifying documents. More information about qualifications can be found at www.homewise.org/repair. Deferred, forgivable loan approval will continue until all available funds are awarded.
The Rio Rancho Governing Body (Mayor and City Council) has earmarked up to $300,000 to be made available for deferred, forgivable loans. The source of the funding is Federal American Rescue Plan Act (ARPA) distributed to the City of Rio Rancho. Federal guidance regarding use of ARPA funds notes that assistance to households via home repairs is an eligible expenditure, and anyone low- to moderate-income is presumed to have a negative economic impact due to COVID-19 and is therefore eligible to receive assistance via a program such as home repair.
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