The Greensboro City Council is scheduled to discuss the “Community Heroes Homebuyer Program” at the work session on Thursday, Oct. 27.

According to the presentation, just about anyone who makes between 80.01 percent and 120 percent of the area median income (AMI) and isn’t employed by a for-profit business qualifies for the program.

The list of those considered “Community Heroes” and qualify for the program is:

  • City of Greensboro, Guilford County, State of North Carolina, and federal government employees
  • Guilford County public school teachers and administrators
  • University and college faculty and staff
  • Non-profit organization employees
  • Military (Active duty, Reservists, National Guard members and Coast Guard Personnel)
  • Military Veterans
  • Other first responders (i.e. EMS/paramedics, healthcare workers)

The income range for a one-person household to qualify for up to $25,000 in down payment and closing cost assistance with “no minimum investment from the buyer” is from $40,901 to $61,300.  The loan of up to $25,000 is forgiven at the end of the loan term. Forgiven means that it doesn’t have to be paid back.

The income range for a two-person household is $46,751 to $70,100.

The income range for a four-person household is from $58,400 to $87,600.

Home buyers who qualify for the program would also be eligible for an additional $5,000 in assistance for buying a home in reinvestment and redevelopment areas.  So the maximum assistance in those areas would be $30,000.

According to the presentation the Community Heroes Program will foster wealth building opportunities for moderate-income residents serving the community, enable the workforce to live in the place they serve, encourage stability in Greensboro neighborhoods, promote the affordable homeownership goals of Housing GSO and will strengthen Greensboro as an employer of choice.

The funding for the program will come from the 2022 bonds.

Under the proposed program no minimum investment from the homebuyer is required and they can receive up to $2,500 back at closing.