Housing Rehab Loans are designed to help enrolled members of the EBCI upgrade their home's energy efficiency and reduce power consumption and expenses. Borrowers have used these funds to add insulation, energy efficient appliances, on-demand gas water heaters, solar panels, weather stripping, new HVAC systems, insulated windows and doors, and more. Others have reduced their energy costs by adding ceiling fans, and water saving toilets, faucets and shower heads. One borrower added a new front porch overhang that reduced the amount of sunlight heating up the family room on hot summer afternoons.

As long as funds are available, other non-energy-specific uses may be considered, as long as the project enhances the livability and value of the home. These projects can include kitchen and bath remodels, garage upgrades, new carpeting, fresh paint, updated wiring and plumbing, carpet or tile, and even driveway repair/enhancement or landscaping.

Before You Apply:

While the vast majority of builders, electricians, plumbers, and other tradesmen/women are highly skilled, conscientious, and honest, there are a few who give their industry a bad name. They may do this through shoddy workmanship, endless delays, absenteeism, using inferior materials, overcharging, or other unscrupulous behavior. Visit the North Carolina Licensing Board for General Contractors to learn how to protect yourself from bad actors.

Additionally, please see the Cherokee Code for Professions and Occupations, and make sure your contractor is licensed and in good standing with their licensing board.

The Sequoyah Fund is not responsible for the actions of your contractor, nor are we responsible for sourcing a contractor, reviewing your contract, or enforcing any actions against you contractor. If you need assistance in drafting or reviewing a contract, please seek legal counsel.

Requirements

1. You must be an enrolled member of the EBCI and own the home to be rehabilitated or remodeled. Proof of enrollment (copy of enrollment card) required.

2. You must have no per capita encumbrances (no liens, claims, or garnishments).

3. Credit score of 450 or better.

4. Proof of employment (two most recent pay stubs).

5. Two most recent years federal income tax returns.

6. No items of public record on personal credit (unsatisfied liens, judgments, bankruptcy, etc.).

7. Written estimate of project cost, including materials, labor, appliances, delivery, etc.

Terms and Conditions

Up to $35,000 at 4% fixed interest rate for up to 5 years (60 months). You may use your per capita as collateral and/or payment on your loan. If you choose to pay from your per capita, Sequoyah Fund can set up an automatic garnishment to pay each June and December.