Greensboro is putting more money on the table to help the city’s renters become homeowners.
The city announced this week that it’s increasing funding for its Homebuyer Assistance Program by $500,000 – bringing new life to an initiative that’s already helped dozens of local families.
The program, which was launched with a $1 million infusion of American Rescue Plan Act funds in 2022, is designed to help first-time buyers with incomes of up to 120 percent of the area median income get a home of their own.
Under the original plan, each eligible buyer could get $10,000 in down payment and cost assistance with the goal of helping 100 households. Now, the city is doubling the maximum assistance amount to $20,000.
City officials say the extra half-million in ARPA funds should help more than 50 first-time home buyers get their foot in the door, quite literally.
But that’s not all. Greensboro is also sweetening the deal for certain groups: Low-income buyers will see an extra $10,000 in support, and “public service heroes” – such as teachers, first responders and healthcare workers – will get an additional $5,000.
Those purchasing homes in targeted redevelopment or reinvestment areas could receive as much as $30,000 in total assistance.
“This increase will allow the low-income buyers to be more competitive in a tight housing market and continues Greensboro’s dedication to prioritizing support for our low-income buyers and geographic target areas,” said Cynthia Blue, assistant director of housing and strategy for the city.
The assistance is part of the City of Greensboro’s larger effort to boost affordable homeownership and shift more residents from renting to owning, even as housing prices and competition increase.
You can find more information about the program – and learn how to apply – at www.greensboro-nc.gov/HomebuyerAssistance.
How is this helpful? The city and Guilford county are about to run current homeowners into having to sell their current property because of increasing taxes. It may seem like a good idea, however, they will abandon you if you can’t keep up your property taxes. It’s just to expensive to live here period! Unless they do something for those who are struggling to keep up, it will become a cycle of poverty thanks to the city and county.
Best,