Neighborhood Development Remodels its Home Initiatives Programs
To better promote and explain its home initiatives, the City’s Neighborhood Development Department has remodeled its offerings under the umbrella of “Housing Connect GSO.”
Housing Connect GSO aims to help first-time homebuyers and homeowners make informed choices in selecting and buying a home, maintaining and keeping the home, as well as understanding down payment and closing cost assistance (DPA) obligations.
DPA services were upgraded by City Council June 20 to include more financial assistance to low- and moderate-income individuals and families, as well as broaden the eligibility requirements and loan terms. Read more.
For full details about what Housing Connect GSO has to offer, visit this Web page. Information will also be available at the City’s free Homebuyers’ Fair from 4-7 pm Tuesday, June 26, at Union Square Campus, 124 E. Gate City Blvd.
The four parts of Housing Connect GSO are:
Homeownership Education & Outreach
- Free eight-hour, first-time homebuyer classes covering topics on family budget management, homeowner insurance, fair housing, working with a Realtor, home inspection, mortgage financing, closing on a home, home maintenance, and rights and responsibilities
- Free workshops such as handling heir property
- Community events that will help empower potential homebuyers to make informed choices in selecting and buying a home
- One-on-one advisory sessions to guide potential homebuyers through the home buying steps and provide ongoing support
- Post-purchase counseling on maintaining and keeping the home, including delinquency guidance, loan modifications, and conversions on City-funded loans
- Down payment and closing cost assistance for first-time homebuyers, up to $10,000 for a five-year, forgivable loan at zero percent interest for each full year you live in the home
- $5,000 down payment additional bonus if buying in one of the City’s redevelopment areas, with loan payment requirements the same as above, but with the first-time homebuyer requirement waived
Housing Connect GSO services are provided by City staff and local nonprofit housing service agencies. The City also collaborates with North Carolina Housing Finance Agency and local lenders to ensure affordable financing.
Want to know how Housing Connect GSO can help you? Call the City’s Housing Counselor Rhonda Enoch at 336-373-4146.