GREENSBORO, N.C. — More renters are now first-time homebuyers in Greensboro thanks to a year-long campaign launched by the city. The initiative helped 317 families purchase homes.
The campaign, #100Homes started last January. It involves the Neighborhood Development Department and HCG, a Greensboro agency the City works with to provide housing counseling services.
At first, the project aimed to make 100 renters in the city homeowners by the end of last year, but they quickly reached that goal by summertime and renamed the campaign #200Homes.
Those numbers tripled by December 31st and meant nearly $43 million worth of real estate purchased in the city in for last year.
HCG executive director Sofia Crisp said, “We, at HCG, are proud to have been a part of an initiative that has helped so many people take major steps in securing their financial future.”
Greensboro's Down Payment Assistance program 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 maximum income level for the city's DPA program includes moderate-income households, as well as low-income, which has allowed more first-time homebuyers to apply and qualify for the program.