To encourage Belmont/Villa Heights revitalization, the City
of Charlotte
created a program to construct 10 new homes in these neighborhoods. This program
utilizes grants from HUD, the Charlotte Housing Authority (CHA) and House
Charlotte to make these homes affordable to low/moderate income buyers. The
various grants and subordinate mortgages enable a purchaser to buy a
$135,000-147,000 home while only needing to qualify for an $80,000-90,000
mortgage. Annual household income cannot exceed $53,200.
The JCB Urban Company and the Belmont CDC have been
contracted to build these homes. As of June 1, 2009, four have been completed
and sold by the Belmont CDC.
Grants and Financing:
$33,000 Hope VI Grant – Reduces 5% per year, fully forgiven
after 20 years.
$20,000 House Charlotte Grant – Reduces 20% per year at year
6, fully forgiven after 10.
$24,000 CHA Lot Mortgage –
interest free, repaid when purchaser resells if property appreciates.
