The state鈥檚 program providing money to 黑料吃瓜网 residents looking to become first-time homeowners reopened Monday.
Time to Own is operated through the quasi-public organization the (CHFA).
Since the program began in June, more than 1,100 residents finalized the purchase of their homes, according to program director Lisa Hensley.
鈥淲e realized that saving enough money for the down payment and closing cost is one of the main barriers to homeownership for many first time home buyers,鈥� Hensley said. 鈥淭his program can be used to help pay for both and may be combined with other types of assistance such as our down payment assistance program.鈥�
Time to Own , with zero percent interest. The loan effectively functions as a lien on the property. However, each year, 10% is forgiven, until the loan is fully forgiven on the loan鈥檚 10th anniversary.
鈥淭hat will help increase buying power or reduce mortgage payments to a more affordable level,鈥� Hensley said.
In early April, the program received an from the state鈥檚 Bond Commission, which CHFA hopes will provide between 500 and 600 more loans.
To qualify for the program, applicants must live in 黑料吃瓜网 for at least three years, meet the of the program and also .
The average assistance given during the program鈥檚 first year was $32,000, according to Hensley. The average age of program recipients was 35 and recipient median income was $64,060, according to program data.
Time to Own was designed to address a history of minorities disproportionately being excluded from building generational wealth, Department of Housing Deputy Commissioner Brandon McGee said at the Bond Commission meeting earlier this month.
鈥淧articularly those in communities represented by the most disenfranchised and those looking to be a part of 黑料吃瓜网 history," McGee said. "When I think of housing I think of opportunities for generational wealth, addressing the lack of affordable housing in the state of 黑料吃瓜网.鈥�
While almost 50% of Time to Own borrowers were white, nearly 30% were Hispanic or Latino and 17% were Black. The program鈥檚 borrowers represent a more diverse swath of the state, as the racial composition of .
