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Wilmington Housing Authority

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  • 1. WILMINGTON HOUSING AUTHORITY HOMEOWNERSHIP PROGRAMS
  • 2. HOMEOWNERSHIP INITIATIVES
    • ROBERT S. JERVAY PLACE DEVELOPMENT
    • INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) PROGRAM
    • SECTION 8 HOMEOWNERSHIP PROGRAM
    • FAMILY SELF-SUFFICIENCY PROGRAM
  • 3. ROBERT S. JERVAY PLACE
    • PHASE III
    • 7 LOTS AVAILABLE
    • HOME PRICES: $115,500 - $142,500
    • (TWO & THREE BEDROOMS; 1190 – 1403 sq. ft.)
    • DOWNPAYMENT ASSISTANCE AVAILABLE TO QUALIFIED BUYERS
    • ONE PERCENT DOWNPAYMENT IS REQUIRED
    • HOMEBUYER’S EDUCATION IS REQUIRED
    • CONVENIENT ACCESS TO DOWNTOWN, SCHOOLS, DINING, BEACHES, MEDICAL CENTER, PARKS AND UNIVERSITY
    • NUMEROUS FEATURES: APPLIANCES, IRRIGATION SYSTEM, LANDSCAPING PACKAGE, COMMUNITY CENTER, PARK, AND MORE
  • 4. ROBERT S. JERVAY HOMES
  • 5. RESOURCES AVAILABE FOR HOMEOWNERSHIP
    • DOWNPAYMENT ASSISTANCE
    • Individual Development Account (IDA)
    • 2:1 Match
    • (1) North Carolina Housing Finance
    • Agency ($1,000)
    • (2) North Carolina Dept. of Labor ($1,000)
  • 6. NORTH CAROLINA HOUSING FINANCE AGENCY
    • UP TO $25,000 PER UNIT
    • SECOND MORTGAGE -- 0% INTEREST DEFERRED PAYMENT LOAN
    • PRINCIPAL REPAYMENT IS DUE UPON REFINANCE OR RESALE OF
    • PROPERTY OR AT THE END OF THE LOAN TERM (30 YEARS)
    • WHICHEVER OCCURS FIRST.
    • HOMEBUYERS WITH INCOME BELOW 80% OF AREA MEDIAN INCOME
    • ($57,600-Wilmington)
    • RATIOS: 29%/41% (FRONT END CANNOT BE LOWER THAN 20%).
    • HOMEBUYER’S EDUCATION WORKSHOP MUST BE COMPLETED.
  • 7. INDIVIDUAL DEVELOPMENT ACCOUNT (IDA)
    • IDA’S OFFER PARTICIPANTS
    • Budget Workshops
    • Interest Bearing Savings
    • Credit Counseling
    • Homebuyer’s Education
    • Homeownership Opportunities
    • Self-Sufficiency Initiatives
    • Down Payment Assistance
    • Financial Management
    • PARTNERS: NC DEPT OF LABOR , NC HOUSING FINANCE AGENCY,
    • THE BANKS FOUNDATION. CAPE FEAR HABITAT FOR HUMANITY
  • 8. Individual Development Account
    • BENEFITS
    • Help Families Build Assets
    • Build Strong Communities
    • Introduces A New Way Of Life
    • Enables You To Think And Plan For The Future
    • Offers A Financial Buffer
    • 2.1 Match – NC Dept. of Labor & NC Housing Finance Agency
  • 9. INDIVIDUAL DEVELOPMENT ACCOUNT (IDA)
    • GUIDELINES
    • First Time Homebuyer (No Ownership Interest In The Previous Three Years)
    • Household Income =/< 80% Of The Area Median Income
    • Must Save $1,000 Of Own Funds
    • Homebuyer’s Education and Financial Literacy Workshops Required
    • Be Gainfully Employed
    • Satisfactory Credit Report to Qualify for a Mortgage (Credit Counseling Available)
  • 10. SECTION 8 HOMEOWNERSHIP PROGRAM
    • Employed Fulltime (One year minimum)
    • First Time Homebuyer
    • Must Attend Homebuyer’s Education Workshop
    • Credit Counseling (If Needed)
    • Minimum Household Income - $15,000
    • One Percent Down Payment Required
    • Rental Voucher Converted To Homeownership Voucher
  • 11. Family Self-Sufficiency Program
    • Enables Public Housing & Section 8 Families To Gain Economic Independence And Self -Sufficiency
    • Assistance With: Homeownership Goals; Job Placement/Training; Career Advancement; Mentoring; & Credit Counseling
    • 5-Year Contract Executed (Goal Setting)
    • Case Management
    • Escrow Savings Account
  • 12. ALICE JONES HOMEOWNERSHIP COORDINATOR WILMINGTON HOUSING AUTHORITY 1524 SOUTH 16 TH STREET WILMINGTON, NC 28401 (910) 341-7700, EXT. 264 Email: [email_address] www.wha.net

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