WinstonSalem Regional Association of Realtors Community Partners A

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Winston-Salem Regional Association of Realtors & Community Partners A Partnership for Affordable Housing Washington

Winston-Salem Regional Association of Realtors & Community Partners A Partnership for Affordable Housing Washington DC NAR Conference May 18, 2006 George Munford Dan Kornelis

Promoting & Supporting Affordable Home Ownership Opportunities 1. 2. 3. 4. 5. Identification of

Promoting & Supporting Affordable Home Ownership Opportunities 1. 2. 3. 4. 5. Identification of Partners: Forging Relationships: Defining Roles & Responsibilities: Implementation of Program: Evaluation of Effort:

Community Programs Center for Homeownership ¡ Individual Development Account Program (IDA) ¡ New Homes

Community Programs Center for Homeownership ¡ Individual Development Account Program (IDA) ¡ New Homes Program/Forsyth County Housing/ NC Housing Finance Agency ¡ City of Winston-Salem Housing (HOME) ¡ Community Development Block Grants ¡ Partnership for Housing ¡ Community Development Corporations ¡ Habitat for Humanity ¡

Center for Homeownership (CHO) Created by City and County ¡ A subsidy of Consumer

Center for Homeownership (CHO) Created by City and County ¡ A subsidy of Consumer Credit ¡ Affordable Housing Umbrella for County ¡ 10 hours Homeownership Training ¡ One on One Counseling ¡ Preferred Realtor Certification Programs ¡ Public/Private Funds of $285, 000 annually ¡ Serves over 1, 000 clients per year ¡ Over 400 Homeowners since 2002 ¡

Individual Development Accounts Matched Savings Program ¡ 4 to 1 match = $5, 000

Individual Development Accounts Matched Savings Program ¡ 4 to 1 match = $5, 000 Down Payment ¡ Economic Literacy ¡ Save $50. 00 Month ¡ Credit Repair ¡ Debt Reduction ¡ IDA Home Purchases = 200 ¡ Average Sales Price $112, 500 ¡ Total IDA Investment = $22, 612, 000 ¡

New Homes Program County Use NCHFA funds ¡ Provide up to $20, 000 Soft

New Homes Program County Use NCHFA funds ¡ Provide up to $20, 000 Soft 2 nd Mortgage ¡ Must be used for New Home ¡ Can be located anywhere in Forsyth Co. ¡ Target Families Below 80% Median HHI ¡ County has served 300 buyers ¡ Used $3, 500, 400 New Homes Funds ¡ More Home Funds spent in Forsyth Co. than the combined total of the other 99 NC Counties ¡

Partnership for Housing Habitat for Humanity Community Development Corporations Affordable = $95, 000 -

Partnership for Housing Habitat for Humanity Community Development Corporations Affordable = $95, 000 - $130, 000 ¡ Increase supply of Affordable Homes l l ¡ Partnership for Housing = 30 units per year Habitat for Humanity = 20 units per year CDCs = 10 units per year Private Builders = 100 -150 units per year City-County Uses funds to develop neighborhoods l l Community Development Block Grant HOME Funds