Wilmington Housing Authority

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Wilmington Housing Authority

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