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Charlotte programs working to help Black residents buy homes

With rent prices increasing, home ownership is critical to building wealth. But for many people of color, achieving the American dream is just that: A dream.

CHARLOTTE, N.C. — Black Americans are far more likely to be denied mortgages, according to the online real estate firm Zillow.

With home ownership seemingly out of reach for many people, some Charlotte programs are trying to help residents achieve the American dream by owning their homes. 

“In Charlotte right now, homeownership among people of color has dropped," Julie Porter, the president of DreamKey Partners, said. "For white folks, it's about 77%. For Black and Hispanic people, it's in the low 40s."

Porter says they're working to create more opportunities for people of color to own a home by creating more affordable housing and offering down payment loan options through the House Charlotte Program.

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“Homeownership is one of the keys right now because rents keep rising," Porter said. "People keep saying, 'my rent went up this much or that much,' but your mortgage will always stay the same. 

While inflation can make homebuying hard at the moment, Porter says owning a home is key to building wealth and it can be a solution for some people.

The House Charlotte Program is now offering up to $30,000 in down payment loan options, closing costs or points to buy down. To qualify, applicants must have an income that’s less than 81% of the “area median income.” For a family of four that is about $75,350. Families who make up to 110% AMI can qualify for a $10,000 loan.

Contact Lexi Wilson at lwilson@wcnc.com and follow her on FacebookTwitter, and Instagram.

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