Much of the focus of National Home Ownership Month is on the positive impact owning a home can have on North Carolinians. However, a new white paper finds that when people buy affordable homes through community home ownership programs, the benefits extend beyond families to stabilize neighborhoods, drive investment and provide a boost to local economies.
Issued by the NC Housing Finance Agency, The Impacts of Community-Based Affordable Homeownership Programsreveals that the Agency’s two community home ownership programs, The Community Partners Loan Pool and Self-Help Loan Pool, have cumulatively supported 8,400 jobs and generated $48 million in state and local tax revenues. Helping 4,000 families to become homeowners, these programs have leveraged $4 of public and private funds for every $1 invested, ultimately financing property valued at $498 million.
“We invest home ownership dollars through local partners who use the funds to draw in additional public and private investments,” said Scott Farmer, executive director of the NC Housing Finance Agency. “The end result is that we aren’t just financing affordable homes for families, but are sparking revitalization of whole neighborhoods to the benefit of local communities.”
Both programs require pre-purchase home ownership classes and counseling, which gives buyers the financial skills needed to become successful homeowners. In addition, energy efficiency programs used by builders in both programs keep utility costs low, enhancing the home’s long-term affordability.
The Impacts of Community-based Affordable Homeownership Programs can be downloaded fromhttps://www.nchfa.com/about-us/research-reporting-and-policy/agency-investment-impacts. Consumers can learn more about home buyer assistance available through community programs as well as the Agency’s other affordable mortgage options at https://www.nchfa.com/home-buyers.
The North Carolina Housing Finance Agency, a self-supporting public agency, has financed 269,000 homes and apartments since its creation in 1973.