The primary loan is payable for a term of 15 years at the current rate. After the primary loan has been repaid, payments will begin on the deferred loan at approximately the same monthly payment and interest rate. Interest is not charged on the deferred loan until the primary loan has been repaid. Both loans are secured by a deed of trust against the property. The low interest loan program is available to all property owners located in active Conservation Areas.
Eligibility is based on income, family size and the appraised value of the property.
The loans are for a term of 15 years and are secured by a deed of trust on the property. For your neighborhood, conservation property standards were developed and approved by your neighborhood civic league. They have been adopted by Norfolk's City Council and are a guide for determining the minimum level of required rehabilitation. The standards were set at a level considered to be attainable by property owners in your area. Each property owner is assigned a Rehabilitation Specifications Specialist, who assists in planning the work to be done to insure compliance with the rehabilitation standards.