Neighborhood Development Annual Report FY18-19

Housing Connect GSO

DPA HIGHLIGHTS

By the end of FY 2018-19, we helped with the purchase and closing of 215 houses, thanks to an earlier revamping of our down payment and closing cost assistance program (DPA). The maximum income level for DPA was raised to include moderate-income households, as well as low-income, which has allowed more first-time homebuyers 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 homebuyers. Potential buyers who have not owned a home within the last three years may also apply. The DPA program is one part of our comprehensive homeownership services under the “Housing Connect GSO” banner. Find out more at www.greensboro-nc.gov/ HousingConnectGSO. Another successful part of Housing Connect GSO was our campaign to turn 100 renters into first-time homebuyers in

• All of the 215 homebuyers were first-time buyers. • 208 were moderate- and workforce-income buyers. • 124 of the 215 were households that included one or two parents with children. • 99 percent of the homebuyers were current residents of Greensboro. • Average amount of down payment assistance received has been $10,000. • Nine of the homes purchased were in City redevelopment areas, specifically Willow Oaks and Ole Asheboro.

12 months. Called #100Homes, the campaign hit its goal seven months early and continued to grow. Find out more at www. greensboro-nc.gov/DPA.

Schelena S., pregnant with her first baby, was very familiar with the hardship of moving from town to town as a child with her father who was in the military. Not wanting the same experience for her son, she looked for a place they could call their own for a lifetime. Schelena went through our first time homebuyer’s program under #100Homes. She was able to access two down payment assistance loans and close on her new home the day before her baby was born.

Schelena’s Story

Photo by Woody Marshall, News & Record