New program to help potential home buyers in Charlotte

CHARLOTTE, N.C. (WBTV) - Home interest rates remain high, which can be a significant barrier to homeownership. But the city of Charlotte wants to help overcome that barrier.

The city is launching a new pilot program, called House Charlotte Plus.

There are six ‘Corridors of Opportunity’ in the city. They’re communities identified that can thrive and grow with some extra attention and investments.

[City Council summit focuses on housing in Charlotte]

This new pilot program will offer up to $80,000 in assistance if homeowners buy a home in one of those areas.

Here’s how it works:

First, your income must be 80% of the area median income or less. For a family of four, that would be about $67,350 a year.

The maximum purchase price is $300,000 for existing homes or $325,000 for new construction.

If you qualify, the city will offer an additional $50,000 as a 0% interest deferred loan. That’s on top of the $30,000 the city already offers—so that’s $80,000.

Again, that additional $50K is for specific areas of the city – if you’re looking outside those, you can still get the $30K in assistance.

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