Housing GSO: HRA Greensboro Affordable Housing Plan

ACCESS TO HOMEOWNERSHIP

Greensboro has dramatically increased the annual number of down payment assistance awards granted in the past two years. The 2016 Housing Bond allowed the City to grant a greater amount of assistance and to begin to serve moderate income households in 2018. These additional awards are predominantly serving moderate income households, as opposed to lower-income households with more severe need and higher incidence of housing cost burden. While those earning less than $30,000 annually have experienced the sharpest declines in homeownership, these households have received less than 25% of bond-funded awards. Reconfiguring DPA program design and loan repayment terms can help the City better serve its lowest-income households while continuing to support sustainable homeownership opportunities for moderate income households.

Income Distribution of DPA Recipients, 2010-Present

HOME, 2010-2017

Bond 2018-2019

70

$25K Avg. DPA income, 2010-2017

$45K Avg. DPA income, 2018-2019

60

50

40

30

20

10

0

Less than $20K

$20K - $29,999

$30K - $39,999

$40K - $49,999

$50K - $59,999

$60K+

Source: City of Greensboro, Housing Consultants Group

HR&A Advisors, Inc.

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