JUNE IS AFFORDABLE HOUSING MONTH - NC HOUSING FINANCE AGENCY
Builders, Housing Finance Agency Spur Growth in Affordable New Homes
The N.C. Housing Finance Agency’s affordable mortgages, combined with the work of homebuilders across the state, is increasing the affordable housing stock, and opening the homeownership for hundreds of North Carolinians. North Carolina home builders built, and the N.C. Housing Finance Agency financed, 5,242 starter homes in the last five years, exceeding the joint goal they set of “5,000 by 2005.”
Opportunities for builders—and buyers
This spring, the Agency expanded its First-Time Home Buyer Mortgage, to make new homes with sales prices up to $185,000 eligible for its low-interest mortgages. These carry interest rates that are usually at least half a percentage point below the market.
“The increase in the home price limit should help builders find a wider market for their new homes,” said Bob Kucab, executive director of the housing finance agency. “Together, we can continue to increase the number of high-quality, affordable homes available in our state.”
Low-income buyers can also borrow up to $7,000 at zero interest to use toward down payment and closing costs, and 100% financing for the 30-year, fixed-rate mortgages is available for other qualified buyers. Participating lenders are listed at www.nchfa.com.
David Pressly Habitat House
“The leadership of North Carolina’s home builders in creating affordable housing has been exceptional,” NCHFA Executive Director Bob Kucab said. He especially recognized the leadership of David Pressly of Statesville, president of the National Association of Home Builders.
“David’s dedication to increasing the number of affordable homes in North Carolina has been outstanding. He has actively promoted affordable housing at both the state and national levels for many years.”
To honor Pressly’s contribution, the Agency is sponsoring the construction of the David Pressly Habitat home in Iredell County. The home was started by the Iredell County Habitat for Humanity in March; housing finance agency staff and board members spent a day in late April putting on siding; and the home is expected to be complete by the end of July. It brings the N.C. Housing Finance Agency’s total financing for Habitat for Humanity homes around the state to more than $12 million.
A self-supporting public agency, the North Carolina Housing Finance Agency has financed 71,000 homes in the past three decades. The Agency also finances rental construction, administers rent assistance, and manages the N.C. Housing Trust Fund to finance supportive housing and housing preservation. Since 1974, the Agency has invested more than $9 billion in affordable housing. By working with the North Carolina Housing Finance Agency and its partners, home builders can attract the broadest market possible and increase their business opportunities. To learn more, visit the Home Builder section at www.nchfa.com or contact Richard Doyle, product development leader, at 919-877-5674 or .
