Through the Welcome Home program, qualifying homeowners in Salem can receive up to $23,000 in need-based renovations if the owners meet certain low-income criteria.
Grant funds are provided by the Federal Home Loan Bank (FHLB) and sponsored by Riverways Federal Credit Union (RFCU) and administered by the City of Salem.
“Welcome home is a cohesive program ($625,000 in total funds) targeted at properties inside the city limits of Salem, MO. It provides home improvement funds, up to $25,000 per home to homeowners of residences that have one or more deferred maintenance issues,” said Scott Shults, CEO of RFCU in Salem.
Of that maximum amount, $2,000 would go toward administrative costs and to pay for the necessary inspections required to make the project possible; homeowners will be required to match 20% of the cost of the projects, which totals up to a maximum amount of $5,000 in match. That match can be money that the owner already has on hand, or can be acquired through a loan and in some cases in the form of assistance from other programs.
The program targets low-income, veteran owned, elderly, and homes with residents who have disabilities.
The sort of work included in the needed criteria for the application includes items such as insulation, new windows, heat/air system, a roof in need of repair or replacement, etc.
Applicants should understand this is for long-term improvement of the home and the repairs will be of the type that will be of significant benefit to the homeowner and their family, Shults points out.
“The program is not just about giving face-lifts to houses to improve their property value,” said Sally Burbridge, the economic development director for Salem and Dent County.
The program is not for rental properties or for cosmetic improvements—the need must be for homeowners to improve the livability of their home.
“Homes with deferred maintenance have proven to decrease in functionality and efficiency rapidly. Once issues start showing up, this will likely damage other systems in the home thus increasing the costs of repair and overall expense to own the home,” said Shults.
For example, a leaking window could cause wood rot, mold, lessen the insulating ability of the walls, and so on.
“Each of these effects can have a negative impact on the family. The home may now have an issue that can impact the health of the family or increase the energy needed to keep the home at a comfortable temperature. Both of these are associated with an increased cost of living for the family and, if children are present, have a negative impact on their health which can also have an adverse effect on their educational process. This further lowers the value of the home,” he said.
According to Shults and Burbridge, the purpose of the grant program is to target homes in such shape and bring them back up to the ideal condition to reverse these impacts. This allows for a better quality of living for all residents while also easing some of the financial burden associated with the home in its current condition.
RFCU is a member of the FHLB which, Shults said, allows them to facilitate the opportunity to the City of Salem.
Burbridge and Shults both believe that this program provides many benefits to the community. In addition to the $500,000 ($625,00 total) in improvements to homes in Salem; through the financial review process that takes place to qualify recipients, Welcome Home’s goal is to put families in better financial positions by the end of the program.
“Ultimately, above all other benefits, is the betterment of family life for veterans, elderly, special needs, and low-income families to help achieve financial freedom,” said Shults.
“Anyone can walk through the pre-application with homeowners and then send it on to me and I will take care of the income and other documentation necessary to qualify them,” said Burbridge.
“Successful [homeowners] will need to attend homeowner counseling and financial training provided by RFCU as part of the grant agreement,” said Burbridge.
Burbridge hopes that other people in the community will see what needs to be addressed through this and take steps to share this information with people they know who may qualify.
“Everyone in our community deserves the benefits of a warm, safe home that contributes to overall health and wellbeing,” said Burbridge.
People who qualify for the above program are likely to also qualify for Meramec Region lead-based Paint Hazard control program.
