First-Time Homebuyers Now Eligible for $5,000 Matched-Savings Grant
$105,000 Available for Low-Income Buncombe County Residents.
OnTrack WNC has announced an expansion of its HomeRun Homeownership Program to low-income households in Buncombe County, effective July 1, 2013. The program includes comprehensive financial and housing education and counseling, plus an opportunity for participants to receive a $2 match for every $1 saved towards homeownership.
Participants are eligible for up to $5,000 in match money toward homeownership. This is a matching grant, not a loan; participants never have to pay it back.
Limited Funding Available
Participants must purchase a home by December 31, 2014. Match money is not guaranteed until participants complete the program requirements and are under contract to purchase a home.
To be eligible, participants must, at time of enrollment:
• live in Buncombe County,
• be a first-time homebuyer,
• have an annual household income at or below 80% of the Area Median Income. (for example: income maximum for a three-person household is $40,000 for income eligibility),
• have at least one year of stable income,
• begin making monthly savings deposits of at least $35.00 for six consecutive months, and
• plan to purchase a home by December 31, 2014.
The match amount is based on how much participants save. For example, if a participant saves $250, the match would be $500; if they save $2,500, they are eligible for the maximum match of $5,000.
Funds can be used in conjunction with Mountain Housing Opportunities’ Down Payment Assistance, USDA Rural Development loans, and other programs for first-time homebuyers.
Program requirements include participation in these free services: credit counseling, homebuyer education, one-on-one coaching support, credit reports and scores, and tax preparation services.
Program completion takes a minimum of six months, and space is limited; OnTrack hopes to fill enrollment by mid-August. Those interested should call (828) 255-5166 and ask about the HomeRun program.
