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Greensboro Triples its Goal, Helps 317 Families Buy Homes

Post Date:01/03/2020 8:16 AM
The City’s 2019 campaign to turn renters into first-time home buyers tripled its original goal. From January to December 2019, the Neighborhood Development Department and Housing Consultants Group (HCG) have helped 317 families purchase homes.

According to HCG executive director Sofia Crisp, that’s nearly $43 million worth of real estate purchased in the city in 2019.

The campaign, #100Homes, started at the beginning of 2019 with a goal to convert 100 Greensboro renters to first-time home buyers by December 31. That number was hit in June. Renamed #200Homes, the campaign then aimed to reach 200 renters by the end of the year. And again, the goal number was hit early, at the beginning of August. And in late December, the 317th home was purchased.

The campaign involves the Neighborhood Development Department and HCG, a Greensboro agency the City contracts with to provide housing counseling services under its Housing Connect GSO program umbrella. This includes the City’s successfully redesigned down payment and closing cost assistance program (DPA).

The maximum income level for the City’s DPA includes moderate-income households, as well as low-income, which has allowed more first-time home buyers to apply and qualify for the program.

DPA provides up to $15,000 in down payment assistance and closing costs as a five-year, forgivable loan at zero percent interest. And the program isn't only for first-time home buyers. Potential buyers who have not owned a home within the last three years may also apply.

According to Stan Wilson, director of the City’s Neighborhood Development Department, the mix of players in this ongoing campaign is a key factor in its success. “The combined efforts of this department, HCG, local real estate agents, and lenders are proving to be a strong force in first-time home buying in Greensboro,” he says.

“We, at HCG, are proud to have been a part of an initiative that has helped so many people take major steps is securing their financial future,” Crisp says. “We are just as committed in 2020 to continue to provide comprehensive education and assistance to the residents of Greensboro in achieving their homeownership dreams.”

DPA Highlights for 2019

• 285 of the 317 home buyers were first-time buyers.
• 253 were moderate-income buyers.
• 270 of the 317 households included one or two parents with children.
• 285 of the 317 home buyers were current residents of Greensboro.
• Average amount of down payment assistance received has been $10,000.
• 246 of the 317 home buyers purchased in east Greensboro.
• 11 of the 317 homes purchased were in City redevelopment areas, specifically Willow Oaks, Ole Asheboro and Gorrell Street, which qualified those buyers for an additional $5,000 in DPA.