The Greensboro City Council did not approve the Community Heroes program to provide down payment assistance to city and county employees and veterans at the Tuesday, Dec. 6 meeting.
The City Council did not even discuss the proposed program but, without discussion, voted unanimously to continue that agenda item to the next meeting on Tuesday, Dec. 20.
The Rhino Times reported on Monday, Dec. 5, that the City Council had a lot of questions and concerns about the proposed down payment assistance program at the Oct. 27 work session “and evidently those changes were made in one-on-one or small group meetings.” According to one member of the City Council, there were no one-on-one or small group meetings and the questions and concerns were not resolved, which is why the vote and even the discussion on the proposed program was continued.
The “Community Heroes” program started out as a down payment assistance program for first responders. The program that was presented at the work session had expanded those eligible for the program to city, county, state and federal employees, university and college faculty and staff, non-profit organization employees, active military and veterans and other first responders.
In short, just about anyone who isn’t self-employed or working for a private for-profit company was eligible for the loans that never have to be paid back.
The City Council objected to this expansion of eligibility, and the program on the agenda for the Dec. 6 meeting had been whittled down to city and county employees, active duty military and veterans.
Calling all city and country employees “Community Heroes” seems to be a stretch, but the name of the program has not been changed.
The program would provide what is called a loan of up to $25,000 for down payment assistance. Except this would be a no-interest, forgivable loan – what most people would call a grant or a gift. As long as the conditions of the loan are met, it does not have to be repaid, and the $25,000 loan is available to those who make 80 percent to 120 percent of the area median income.
The income range for a two-person household is from $46,751 to $70,100.
There is no minimum investment required from the home buyer and the home buyer can receive up to $2,500 back at closing.
The City Council was in unanimous agreement that it did not want to vote on or even discuss the proposed program on Tuesday night.
Money GIVEN to Cure for violence-900k could have been used to help employees!
I have no doubt they will pass this joke and continue to waste tax payer dollars.
They can spend money like nothing i have ever seen before. Many cities around are following suit!
We are retired with two SS checks and a little more. $46,751 non taxable would be a help. So why is our govt giving it away to the faithful? Buying more votes like the student loan forgiveness program?
In case you haven’t heard, Indonesia will now have sex police. No sex between consenting adults. An attack on non-Muslims and same-sex cohabitation. So everyone is risking fines & jail for even pre-marital sex. The govt would need a huge sex police force, and a network of busy-body informants. Police state.
We are next.
If the city council has say 100 people times $25000 to give away (app.$2.5 million) why don’t you give those poor people you are taking the money away from a one time check for $500 to $1000. That would solve your problem as to what you can do with the money you were going to give your fellow employees to start their new homes in those special neighborhoods, you were to designate. Have a great day and Keep on spending those poor people’s money in Greensboro, which I know you will.
WAKE UP! They need broad adoption of this “Hero” policy because the housing market is imploding before our eyes! Following the 2022 assessment, property taxes were locked in for 5yr period. Despite vocal opposition from people that actually understand finance, those “windfall property tax values” were maintained and have already been allocated in the FY2023 budget. The problem is, a fall in property value >10% of the assessed value automatically triggers a property tax reassessment, which would be at a lower rate. Meaning they’d be taking in less then they’ve already budgeted for FY2023. Rather than allow the INFLATED real estate market to fall (due to tighter lending requirements and because 7% for a 30yr fixed rate mortgage cuts the average borrowers spending capacity in half), they’re going to ARTIFICIALLY STIMULATE DEMAND!
In short, rather than allowing every GSO property owner to realize lower property taxes once this reassessment is triggered, they’re giving your tax $ away in an effort to keep property values artificially boosted. That way, they can keep fleecing all the sheep next year (and for 4 years to come)!
A good many of our “community heros”, myself included, make LESS than 80% of “area median income” thus NOT eligible for the very program which seems to be trying to give us a hand up. Why don’t you use this money to instead pay first responders enough money that we ARE within 80% of area median income? And if you’re going to do this program instead, change the parameters so there is no “floor” of 80% which is absolutely insane and is hurting the folks who need it most.