Asheville leaders OK fund to help with housing down payment
ASHEVILLE, N.C. (AP) — Leaders of a western North Carolina city with a tight housing market have approved more than $1 million to help teachers, municipal workers and the poorest residents buy homes.
Earlier this week, the Asheville City Council approved the policy that will provide $1.4 million for down payment assistance.
The Asheville Citizen-Times reports that of that amount, $500,000 will go to people earning $25,763 or less a year. That figure could change annually.
The minimum loan amount is $5,000. The maximum is 20 percent of the home’s value. Recipients must provide $1,000 that isn’t borrowed for a down payment from their own assets.
The plan is funded by $1 million in bond money and $400,000 from the city’s Affordable Housing Trust Fund and the Federal Home Loan Bank of Atlanta.
Information from: The Asheville Citizen-Times, http://www.citizen-times.com