The journey to buying a home can be daunting, but for those with a lower income, it can seem almost impossible. To help, Wake County and DHIC Inc. are launching The Affordable Homeownership Program, which provides forgivable loans to eligible first-time home buyers or assistance with foreclosure prevention.
This program will support homeownership opportunities and wealth building among low-to-moderate income households that are increasingly excluded from homeownership due to the growing demand for the county’s limited housing supply.
“Wake County’s housing market continues to skyrocket, moving the dream of homeownership out of reach for many households,” said Wake County Board of Commissioners Chair Matt Calabria. “Ensuring that anyone, regardless of background, has an opportunity to buy a home or keep their existing home is at the core of our board goals and reflected in our theme of working to provide prosperity for all.”
Approximately $475,000 in loan funds will be available to kickstart the 2021 program year. First-time homebuyers and homeowners earning up to 80% of the area median income (AMI) may apply for loans of up to $20,000 for home purchase assistance or foreclosure prevention. The program is open to all residents outside of the Raleigh or Cary municipal jurisdictions, which are excluded due to the federal funding sources of these municipalities.
As the program administrator, DHIC will work with interested applicants and provide the appropriate education and counseling services to help them on their journey to buying or remaining in their home.
“Partnering with Wake County to serve as the program administrator is a natural fit for our organization. DHIC has been a leader in assisting first-time homebuyers with pre-purchase and post-purchase counseling for decades. Our dedicated team of homeownership advisors is committed to helping clients achieve their dream of homeownership,” said Yolanda Winstead, President and CEO, DHIC.
The Affordable Homeownership Program is designed to be used with other programs for first-time homebuyers, such as those administered by the North Carolina Housing Finance Agency.
To qualify, applicants must:
- Have a household income that doesn’t exceed 80% AMI;
- Be a first-time homebuyer; and
- Be purchasing a home or residing outside of the Raleigh or Cary municipal jurisdictions.
Interested residents can visit dhic.org or call 919-615-3720 to learn more and start the application process.