CHARLOTTE, N.C. — More help is now available for people looking to become first-time homeowners in Charlotte.
House Charlotte homeownership program will now offer up to $80,000 in assistance for eligible residents purchasing a home within the Corridors of Opportunity.
The program's goal is to help more people become homeowners, as housing prices have dramatically increased in Charlotte over the last few years.
"What once was affordable, is no longer affordable or in folks' price range,” said Jessica Moreno, a community organizer with Action NC.
Now there's a renewed effort for housing opportunities in Charlotte's six "areas of influence" within the Corridors of Opportunity.
“These are areas that have been distressed economically to the extent that we’re trying to focus on the individuals that are most challenged in homeowner scenarios, given the challenges these last couple of years” said Shawn Heath, Director of Housing & Neighborhood Services Charlotte.
Charlotte leaders say the program is their effort of making sure no one gets boxed out of the housing market.
“It’s foundational to building generational wealth,” Heath said.
To qualify, a homebuyer's income must be 80% of the area's median income or less. For a single person that is just under $53,000. For a family of four, that's just over $75,000.
The maximum purchase price is $300,000 for existing homes and $315,000 for new construction.
Housing advocates are unsure of these guidelines.
“They can have a loan but if there are no properties in the price range, and corporate landlords buy up cash, these properties, then people are stuck renting," Moreno said.
Heath says there are homes available at that price point, but there seem to be fewer than years prior.
Still, Charlotte doesn't have enough housing to keep up with the demand.
“In the grand scheme of things, we need to push more,” Moreno said.
It's important to note, those who are approved have to go through home buying and financial education before the house purchase is made.
For more information on how to apply, visit housecharlotteprogram.com or call the House Charlotte program team at 704.705.3999.
Lexi Wilson: Contact Lexi Wilson at lwilson@wcnc.com and follow her on Facebook, Twitter, and Instagram.