Housing GSO: HRA Greensboro Affordable Housing Plan

COMMUNITY ENGAGEMENT SUMMARY

NOTES | Community Engagement Meetings

o City of Greensboro uses their HOME funding in this way: CHS gets the line of credit to buy the property, build it, and sell it ▪ They use HOME funds for the gap subsidy to cover the costs between market sale and rehab costs for the property ▪ He bills City for difference between sales price and land/construction cost o City of High Point funds everything (so limited financing costs for CHS), transfers them the lands through quick-claim deeds, and then gets the proceeds from CHS once they sell at the end ▪ This makes lower costs to build in High Point o Sometimes they do acquisition rehabs (especially after the foreclosure crisis), but now there is a lot of vacancy from City demos, and so now this is their primary goal • What about the homebuyers — what mortgage products are they using to buy? o CHS doesn’t work in mortgage space. o They partner with HCG (Sofia) for homebuyer education counseling courses and real estate agent services in the sales process o In terms of financing, there’s 3 pieces: ▪ Primary Mortgage: NCHFA First Homebuyer Loan Program as primary mortgage, CPLP Down Payment Program (20% deferred zero interest second mortgage), and then City’s DPA program (forgivable loan) o Trying to move towards Advanced Energy Program: Systems Vision ▪ 2-year guarantee for heating and cooling costs: $35-40 a month ▪ This allows for lower costs in their rehabs (Systems Vision for Existing Homes), but primarily their new homes ▪ They would send out their staff/contractors as raters or certifiers throughout the building process to inspect framing, sheetrock, end testing for sealing/HVAC system. NCHFA gives a $5k grant to help pay for the costs of having them out to certify (Advanced Energy gets paid $1,000) ▪ Most of the families (who were previously renters) see a HUGE decrease in their utility bills, which frees up a huge amount of disposable income for the families • Thoughts on potential target areas o Real excited on our focus in the Crescent — with the housing bond, Council wanted to make sure each District was covered. In CHS’ perspective, all of the housing bond $$$ needs to be focused in the Crescent. o Right now, homebuyers in low-income neighborhoods are competing against investors, which creates an unfair advantage. Investing homeownership opportunities here would allow for people who live in the area to own the area homes. o Lives in Glenwood, and they had a plan 10-12 years ago where the City would focus here. Because UNCG is investing south of Gate City, the neighborhood is already seeing investment and changing — maybe too quickly for neighborhood revitalization? o Since the tornado hit, they’ve redirected bond funds — sees opportunities in Kings Forest and Dudley Heights o Sees opportunities near Bessemer and between Kings Forest and Dudley Heights, also around A&T (not Market to Wendover, which is industrial) ▪ Feels like this area is forgotten, without a good neighborhood association o Still sees a lot of need in Ole Asheboro — huge improvement in Glenwood, and lots of “good bones” around Dudley Heights o Understands Mill District play, and sees the smaller homes south of Cone (former mill homes) o Would like to check with the City about whether they need to continue to invest in Glenwood with all ongoing UNCG developments

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