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March 2002
10
Grant to be Used for Housing Down Payment Assistance
BY MARK WINEKA
SALISBURY POST
March 10, 2002
The Salisbury Community Development Corp. has received a
$152,000 grant from the N.C. Housing Finance Agency.
The grant, allocated through the agency’s New Homes Program,
will provide down payment assistance in the Jersey City Home Ownership Project.
The Salisbury CDC, in partnership with the city of Salisbury,
plans to build up to 10 homes in the Jersey City neighborhood (near Mocksville
Avenue, east of Rowan Regional Medical Center) in the coming year.
The CDC sponsors a home ownership educational program for its
potential home buyers. Each family is required to complete the course, as well
as pay off their debts and save money each month.
All participants must be enrolled in the program for a
minimum of six months before purchasing a home.
The grant funds will provide down payment assistance for up
to 20 percent of the cost of a home. The assistance comes in the form of a
deferred-payment, subordinate mortgage at 0 percent interest with loan terms of
30 years.
The New Homes Program of the N.C. Housing Finance Agency
tries to assist households with incomes below 80 percent of the median income.
It also aims to increase home ownership rates in areas with
low rates and support local efforts in neighborhood revitalization and family
self-sufficiency.
Chanaka Yatawara serves as Executive Director of the
Salisbury CDC; Lou G. Adkins, as Community Development Coordinator. For more
information, contact 704-638-4474.
Contact Mark Wineka at 704-797-4263 or
mwineka@salisburypost.com.
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