The N.C. Office of Recovery and Resiliency (NCORR) has committed $3.2 million in funding to the N.C. Housing Coalition for a new Homeownership Assistance Program. The program, which launched this week, assists first-time and first-generation homebuyers with up to $30,000 in down payment assistance and up to 5% in closing cost assistance. Homebuyer education and counseling will also be offered as part of the program.
The Homeownership Assistance Program is made possible by federal long-term disaster recovery funding provided through the NCORR Community Development Office. The program will serve low- to medium-income households in 16 counties federally designated by HUD as most impacted and distressed (MID) by hurricanes Matthew and Florence. For a list of the 16 counties, see the online map: Most Impacted and Distressed Counties. To apply to the Homeownership Assistance Program, homebuyers must be pre-approved by a lender. More information and an interest form for potential applicants is available on the N.C. Housing Coalition website.
The partnership with the N.C. Housing Coalition allows NCORR to continue its work to support disaster recovery and build future resilience in areas hit hard by hurricanes Matthew and Florence, while also addressing urgent housing needs within the state. The new program will facilitate affordable, sustainable homeownership and bolster household stability, which will in turn serve to strengthen neighborhoods and communities overall.
“The Homeownership Assistance Program’s goal of assisting first-time homeowners aligns with our mission of helping vulnerable communities rebuild smarter and stronger after hurricanes Matthew and Florence,” said NCORR Director Laura Hogshead.
“The N.C. Housing Coalition is excited to partner with the N.C. Office of Recovery and Resiliency to offer a path to homeownership for families impacted by recent natural disasters,” said Samuel Gunter, executive director of the N.C. Housing Coalition. “For the last three quarters of a century, homeownership has been the primary way that low- to medium-income families have built wealth in this country. Offering down payment assistance that prioritizes first generation homeowners will go a long way to bridging the wealth gap in these communities.”
In addition to disaster recovery and affordable housing, NCORR manages programs that support resiliency, mitigation, strategic buyout, local government grants and loans, homeowner recovery and pandemic-related rent and utility assistance.