NC Investment Map

OWNERSHIP SUPPORT

Expand existing home-purchase supports to create wealth via homeownership, particularly in BIPOC communities

BUILD COMMUNITY WEALTH AND PROTECT HOUSEHOLDS FROM HOUSING DISCRIMINATION, DISPLACEMENT, AND DISASTER

Ownership Support

Expand home-purchase support programs so more residents, particularly in BIPOC communities, can enjoy stable housing and the chance to build long-term wealth through property ownership. Home-purchase supports can include down-payment assistance, low-interest loans, first mortgage loans, and more. Other supplementary programs can incorporate credit enhancement efforts like the 700 credit score initiative in Columbus, OH. Ownership models can include Limited Equity Housing Cooperatives.

This promising strategy requires investment in: regional home ownership funds.

Evaluation of Promising Strategy in Initial Target Regions

Learn more about the Investment Map’s selection of Initial Target Regions.

At the statewide level, NC Housing Finance Agency (NCHFA)’s NC Home Advantage Mortgage offers fixed-rate mortgages and up to 5% in down-payment assistance for qualified first-time homebuyers and buyers looking to “move up” into a better home. In addition, the Agency’s NC 1st Home Advantage Down Payment program offers $8,000 in downpayment assistance for qualified first-time homebuyers and veterans.

At the regional level, the Piedmont Triad Regional Council administers the HOME Investment Partnership Program for the Surry County Housing Consortium (SCHC), which is funded by HUD, for Davie, Stokes, Surry, and Yadkin counties. HOME exists, in part, to provide direct homebuyer assistance.

There is a general lack of awareness about the availability of down payment assistance as support for homeownership.

  • Home-purchase support programs are created/expanded. Metric = # of new programs created/expanded (by type). Metric = total new $ made available to potential homeowners. Metric = % increase in utilization of home ownership programs.

  • More residents become homeowners. Metric = % change in homeownership in the region (by income level).

  • More BIPOC residents become homeowners. Metric = % change in homeownership among BIPOC residents in region.

At the statewide level, NC Housing Finance Agency (NCHFA)’s NC Home Advantage Mortgage offers fixed-rate mortgages and up to 5% in down-payment assistance for qualified first-time homebuyers and buyers looking to “move up” into a better home. In addition, the Agency’s NC 1st Home Advantage Down Payment program offers $8,000 in downpayment assistance for qualified first-time homebuyers and veterans. Additionally, State Employees’ Credit Union (SECU) provides construction loans that support homeownership.

At the regional level, Mountain Housing Opportunities (MHO), a non-profit community development corporation in Asheville, provides home-ownership education tools and financial products to help low-income home buyers. Northwestern Regional Housing Authority oversees the construction of several developments that are available to those seeking affordable first-time homeownership and partners with area lenders to teach homeownership classes. BeLoved Asheville is pursuing the development of the BeLoved Village which is a model of “deeply affordable, community-oriented, sustainable micro-homes that produce equity for the residents.”

There is a general lack of awareness about the availability of down payment assistance as support for homeownership.

  • Home-purchase support programs are created/expanded. Metric = # of new programs created/expanded (by type). Metric = total new $ made available to potential homeowners. Metric = % increase in utilization of home ownership programs.
  • More residents become homeowners. Metric = % change in homeownership in the region (by income level).
  • More BIPOC residents become homeowners. Metric = % change in homeownership among BIPOC residents in region.

HOUSING PROMISING STRATEGIES

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