Raleigh committee OKs assistance for some tornado victims
Raleigh's Budget and Economic Development Committee approved a measure Tuesday that would provide financial assistance to some city homeowners affected by last month's tornadoes.Posted — Updated
Proposed by Councilman Eugene Weeks, who represents District C in southeast Raleigh, the program would provide up to $20,000 in deferred loans for low- and moderate-income homeowners who have exhausted other means of financial assistance to get their homes back to the city’s minimum living standards.
To qualify, applicants would have to have a maximum income ranging from $43,550 for a one-member household to $82,050 for an eight-member household, be in good standing with their mortgage and property taxes and have a homeowner’s insurance policy at closing.
The loans would be repaid to the city if the house is sold or the homeowner moves.
Some committee members expressed concern, in light of a tight budget, and said the city would be setting a precedent for damage caused by future storms.
The tornado ripped through portions of Raleigh on April 16, causing an estimated $115 million in damage and destroying 138 homes and damaging nearly 700 others.