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: Forging Relationships: Defining Roles & Responsibilities: Implementation of Program: Evaluation of Effort:
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
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
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
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
Partnership for Housing Habitat for Humanity Community 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