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Winston-Salem Regional Association of Realtors & Community Partners

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. Identification of Partners:

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Winston-Salem Regional Association of Realtors & Community Partners

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

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

  3. 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

  4. 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

  5. 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

  6. New Homes Program • County Use NCHFA funds • Provide up to $20,000 Soft 2nd 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

  7. Partnership for HousingHabitat for HumanityCommunity Development Corporations Affordable = $95,000 - $130,000 • Increase supply of Affordable Homes • 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 • Community Development Block Grant • HOME Funds

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