Title
Resolution to Launch Housing Connect GSO and Amend Down Payment and Closing Cost Assistance Program Terms
Body
Department: Neighborhood Development
Council District: All
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Stan Wilson, 336-373-2509
Contact 2 and Phone: Cynthia Blue, 336-433-7376
PURPOSE:
City Council consideration is requested to launch a branding of the City's homeownership initiatives as Housing Connect GSO and to approve updates to the City's homebuyer down payment and closing cost assistance program to include moderate or workforce housing income limits (as defined for the housing bonds), improved terms of assistance, and additional funds for home purchases in redevelopment areas.
BACKGROUND:
Housing Connect GSO will join homebuyers, homeowners, and City partners through expanded counseling, education, financial assistance, and collaborations to ensure successful homeownership in the Greensboro area. Through these comprehensive homeownership services, the City of Greensboro's Neighborhood Development Department will empower potential homebuyers to make informed choices from selecting to inhabiting the home.
The new Down Payment and Closing Cost Assistance program will be under the Housing Connect GSO homeownership initiative and will offer the following improved program terms for qualified buyers:
* Address moderate or workforce housing income limits by assisting households of 2 or fewer people with incomes up to 120% of area median income and households of 3 or more people with incomes up to 140% of area median income;
* Increase assistance up to $10,000 per qualified household;
* Provide the assistance as a five-year, forgivable loan at zero percent interest. If the homebuyer remains in the home for five years, the loan will not need to be re-paid. The loan is forgiven at 20 percent for each full year the homebuyer lives in the home;
* Remove the requirement for first-time homebuyer status in redevelopment are...
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