New Castle County Launches ReVaMP: Revitalizing Homes
The New Castle County Department of Community Services has launched an innovative program, ReVaMP – “Remediating, Vacancies Making Progress,” aimed at encouraging homeownership and revitalizing communities by stimulating the sale of vacant properties.
Enhanced Assistance for Homebuyers
ReVaMP offers substantial financial support to individuals interested in purchasing a vacant home within designated areas of New Castle County. This support comes in the form of a zero-interest, 5-year deferred loan of up to $5,000. This loan is designed to assist with down payment and closing costs, making homeownership more accessible. Significantly, if the borrower resides in the home for 5 years, the loan is completely forgiven, aligning with the program’s goal of long-term community investment.
Broad Eligibility Criteria
Diverging from many traditional down payment assistance programs, ReVaMP does not restrict eligibility to first-time homebuyers. However, it does set other criteria to ensure the program benefits a wide range of applicants:
- Applicants’ annual household income must be at or below 120 percent of the area median income for New Castle County.
- All applicants are required to attend and complete a Homeownership Education Program at a HUD-approved housing counseling agency in New Castle.
Property Eligibility and Price Caps
The program focuses on specific geographic areas within New Castle County, targeting several Census Tracts. Eligible properties must fall within these identified areas and adhere to a maximum selling price of $379,500. The targeted Census Tracts include 101.01, 101.04, 103.00, 105.02, 107.02, 120.00, 121.00, 122.00, 123.00, 124.00, 125.00, 127.00, 129.00, 130.00, 132.00, 134.00, 136.07, 136.09, 138.00, 139.02, 140.00, 141.00, 147.03, 147.05, 148.08, 149.02, 149.03, 149.05, 150.00, 151.00, 152.00, 154.00, 155.00, 158.00, 159.00, and 164.04.
Income Limits for Applicants
To ensure the program serves its intended audience, income limits are set based on household size:
- 1 person household: $67,560
- 2 person household: $77,160
- 3 person household: $86,760
- 4 person household: $96,360
- 5 person household: $104,160
- 6 person household: $111,840
- 7 person household: $119,520
- 8 person household: $127,200
The ReVaMP program by the New Castle County Department of Community Services represents a significant step towards revitalizing neighborhoods and making homeownership more attainable, particularly in areas with vacant properties. By offering financial assistance and focusing on long-term residency, the program not only aids individual homebuyers but also contributes to the broader goal of community development and stability.
