A new homeownership pilot program from the City of Charlotte will provide up to $80,000 in assistance for eligible residents purchasing a home in "areas of influence" within the Corridors of Opportunity.
House Charlotte Plus offers an additional layer of financial assistance to the existing
House Charlotte homeownership program. Through this new pilot program, an eligible resident can receive an additional $50,000 as a 0% interest deferred loan. House Charlotte Plus must be used in conjunction with House Charlotte, which currently offers up to $30,000. Together, an eligible homebuyer could receive up to $80,000 in assistance through these two programs.
As part of the $60 million in current and planned investments renewing the city's commitment in the
Corridors of Opportunity, House Charlotte Plus is only available in designated areas inside the Corridors of Opportunity known as
areas of influence. To be eligible for House Charlotte Plus, a homebuyer's income must be 80% of the
area median income (AMI) or less. The maximum purchase price is $300,000 for existing homes, and $315,000 for new construction.
The entire loan balance must be repaid if the property is sold or transferred, if the owner occupancy status changes, or if a cash-out refinance transaction happens before the 30-year period has expired. The loan is forgiven in year 31.
"House Charlotte Plus is another way the city is investing in its corridors, providing homeownership opportunities for hard-working families, and improving social mobility for its residents," said Warren Wooten, assistant director for affordable housing at the City of Charlotte.
For residents who are looking to buy a home outside of these areas of influence, homeownership assistance is still available. The traditional House Charlotte program offers up to $30,000 for families with a household income at or below 80% AMI, forgivable at year 31, and up to $10,000 for families with household income above 80% AM and up to 110% AMI, forgivable at year 16. Homes in all Charlotte neighborhoods are eligible. The maximum purchase price is $300,000 for existing homes, and $315,000 for new construction.
All aspects of the House Charlotte program, including House Charlotte Plus, are administered by
DreamKey Partners on behalf of the City of Charlotte. To learn more about the House Charlotte program, visit
housecharlotteprogram.com or call the House Charlotte program team at 704.705.3999.